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Calculate simple interest Question If you deposit $5,000 into an account that pays 4% simple interest per year, what will the balance be in 6 years?

Calculate simple interest Question If you deposit $5,000 into an account that pays 4% simple interest per year, what will the balance be in 6 years?
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Calculate simple interest

Question
If you deposit $5,000 into an account that pays 4% simple interest per year, what will the balance be in 6 years?

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User PurplePilot
by
8.0k points

1 Answer

1 vote
so
I=P⋅i⋅t=Ii⋅t=50000.04⋅6=20833.33
answered
User Sker
by
6.8k points
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