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Popular Word Problems >

Madison invests money in an account paying a simple interest of 3.2% per year. If she invests 160 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?

Solution

M a d i so n in v es t s m o n ey in an a cco u n t p a y in g a s im pl e in t eres t o f 3.2% p er ye a r . I f s h e in v es t s 160 an d n o m o n ey w i ll b e a dd e d or re m o v e d f ro m t h e in v es t m e n t, h o w m u c h w i ll s h e ha v e in o n e ye a r, in d o ll a rs an d ce n t s ?

Solution

Amount : 165.12

Solution steps

Translate the problem into an equation:

A = 160 (1 + 0.032 \cdot 1)

160 (1 + 0.032 \cdot 1) = 165.12

Amount : 165.12

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