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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.
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1395(1+.043*7) = ?
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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.
Top answer:
P = Po + Po*r*t. Po = $1395. r = 4.3% / 100% = 0.043. t = 7 years. Plug the above values into the
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If you buy a $1395 savings bond that pays 4.3% annual simple interest. Determine the value of the bond after 7 years.
Top answer:
I = PRT I = 1395 * 0.043 * 7 Add the interest to the principal.
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Oops. That was compound interest. Simple interest pays .038*800 = 30.40 each year SO, after 2.5
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