What will the final balance be for $700 invested at 3% for three years
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Answer:
Answer = $763
Step-by-step explanation:
Formula for Simple interest = P×R×T÷100
Total Value = SI + Original Value
Therefore,
SI = 700×3×3÷100
SI = 7×9 ( CANCEL THE ZEROS OF 700 AND 100 AND THEN MULTIPLY BOTH 3s)
SI = $63
Therefore,
Total balance at last = $763
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