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Popular Word Problems >

A savings account earns a simple interest rate of 6.75% per year on an account with an initial deposit of 500. How much money will be in the account after 2 years?

Solution

A s a v in g s a cco u n t e a r n s a s im pl e in t eres t r a t e o f 6.75% p er ye a r o n an a cco u n t w i t h an ini t ia l d e p os i t o f 500. Ho w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 2 ye a rs ?

Solution

Amount : 567.5

Solution steps

Translate the problem into an equation:

A = 500 (1 + 0.0675 \cdot 2)

500 (1 + 0.0675 \cdot 2) = 567.5

Amount : 567.5

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