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James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his…

James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his…
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5 votes
James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his account?

asked
User Mousa Dirksz
by
8.1k points

2 Answers

6 votes

Answer:

The answer is 600

Explanation:

answered
User Fmchan
by
7.8k points
2 votes
P=i/rt
P=120/0.04*5=600
answered
User Michele Dorigatti
by
7.9k points
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