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A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years?

A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years?
asked 61.4k views
4 votes
A savings account earns 5% simple interest per year. The principal is $1200. What is the balance after 4 years?

asked
User John Ashmore
by
8.2k points

2 Answers

2 votes
The answer is $1440 my fellow
answered
User Doug Steinberg
by
8.3k points
1 vote

Answer:

The answer is 1400

Explanation:

0.05*1200*4=240

240+1200=1440

answered
User Omar Awamry
by
8.0k points
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