John’s parents deposited $1000 into a savings account as a college fund when he was born. How much will John have in this account after 18 years at a yearly simple interest rate of 3.25%?
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Answered by
27
Answer:
Total = $1585
Step-by-step explanation:
P=$1000 (Principal Amount)
T=18 years (Time Period)
R=3.25% (Rate of Interest)
Simple Interest = PTR/100
= (1000×18×3.25)/100
= 18×32.5
= $585
Total Amount = P + Simple Interest
= 1000 + 585
= $1585
Answered by
3
Answer:
Step-by-step explanation:
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