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12-04-2022
Mathematics

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You have $5,000 to invest for ten years. The Bank pays simple interest at an annual rate of 5%. Calculate your balance after 10 years.

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12-04-2022

Answer: $7,500

Step-by-step explanation:

Use the formula: SI = P(1 + rt)

SI = 5000(1 + 0.05[10])

SI = 5000 + 2500

SI = $7,500

After 10 years, your balance should be $7,500

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