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March 29, 2017

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Suppose you buy a $1395 savings bond that pays 4.3% annual simple interest. Determine the value of the bond after 7 years.

  • Math - ,

    P = Po + Po*r*t.

    Po = $1395.

    r = 4.3% / 100% = 0.043.

    t = 7 years.

    Plug the above values into the given Eq.

    Answer: $1814.90.

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