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Popular Word Problems >

Akira has 50,000 in a savings account that earns 2% annually.The interest is not compounded.How much will she have in total in 5 years?

Solution

A ki r a ha s 50, 000 in a s a v in g s a cco u n t t ha t e a r n s 2% ann u a ll y . T h e in t eres t i s n o t co m p o u n d e d . Ho w m u c h w i ll s h e ha v e in t o t a l in 5 ye a rs ?

Solution

Amount : 55000

Solution steps

Translate the problem into an equation:

A = 50000 (1 + 0.02 \cdot 5)

50000 (1 + 0.02 \cdot 5) = 55000

Amount : 55000

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