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April 24, 2014

Homework Help: Math

Posted by DrBob222 on Monday, February 26, 2007 at 8:19pm.

Is that 6%/year simple interest? If so, then
$500 x 0.06 = $30 for one year. So for 90 days, $530 can't be correct. I would like to have an account that would more than double in a year, much less in 90 days.

The Investors Club invests $500 at 6%
simple interest. How much is in the account after 90 days?

I get $530- Can you check

Is that 6%/year simple interest? If so, then
$500 x 0.06 = $30 for one year. So for 90 days, $530 can't be correct. I would like to have an account that would more than double in a year, much less in 90 days.

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