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Maya deposits $500 in her savings account and earns a simple interest of 5 percent. What will be the balance in her account after two years? A. $1,000 B. $550 C. $600 D. $577.50…

Maya deposits $500 in her savings account and earns a simple interest of 5 percent. What will be the balance in her account after two years? A. $1,000 B. $550 C. $600 D. $577.50…
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Maya deposits $500 in her savings account and earns a simple interest of 5 percent. What will be the balance in her account after two years?

A. $1,000
B. $550
C. $600
D. $577.50
E. $527.50

asked
User Vicko
by
8.2k points

1 Answer

7 votes

Answer:

B. $550

Step-by-step explanation:


A = p(1 + (r)/(100) ) {}^(n) \\ = 500(1 + (5)/(100) ) {}^(2) \\ = 550 \: dollars

answered
User Coladict
by
7.6k points
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