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March 25, 2017

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Franklin deposited $1,400 in a savings account that accrues simple interest at 6.75%. What is the balance in his account at the beginning of the third quarter?

  • math - ,

    P = Po + Po*r*t
    P = 1400 + 1400*0.0675*0.5 = $1447.25.

    NOTE: The beginning of the 3rd qtr =
    the end of 2nd qtr = 6 mo. = 0.5 yrs.

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