When you are born, your parents deposited $500 into a simple interest account that earns 2.5% annually. How much money would be in the

Question

When you are born, your parents deposited $500 into a simple interest account that
earns 2.5% annually. How much money would be in the account, for you, when you
turn 30 years old?

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Edana Edana 7 months 2021-07-19T04:35:42+00:00 1 Answers 3 views 0

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    2021-07-19T04:37:01+00:00

    9514 1404 393

    Answer:

      $875

    Step-by-step explanation:

    The account pays simple interest, so the formula for the balance is …

      A = P(1 +rt)

      A = $500(1 +0.025×30) = $500(1.75) = $875

    There will be $875 in the account at age 30.

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