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## 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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Mathematics
7 months
2021-07-19T04:35:42+00:00
2021-07-19T04:35:42+00:00 1 Answers
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## Answers ( )

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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) =

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