## Bill deposits $500 into an account that pays simple interest at a rate 6% per year. How much will he be paid in the first 5 years? Question Bill deposits$500 into an account that pays simple interest at a rate 6% per year. How much will he be paid in the first 5 years?

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7 months 2021-07-17T07:08:34+00:00 2 Answers 0 views 0

## Answers ( )

1. The answer is A=$650 The equation to solve this is: A=P(1+rt) More specific to this problem: A = 500(1 + (0.06 × 5)) = 650 A =$650.00

2. The answer is \$650
Hope this helps