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Jen deposits $9,500 into a bank account that pays her 4.5% simple interest for 5 years. How much interesrt will she earn over 5 years?

Sagot :

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Answer:

$11838.7

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right  

Algebra I

Simple Interest Rate Formula: [tex]\displaystyle A = P(1 + r)^t[/tex]

  • P is principle amount
  • r is rate
  • t is time

Step-by-step explanation:

Step 1: Define

Identify variables

P = 9500

r = 4.5% = 0.045

t = 5

Step 2: Find A

  1. Substitute in variables [Simple Interest Rate Formula]:                                 A = 9500(1 + 0.045)⁵
  2. (Parenthesis) Add:                                                                                            A = 9500(1.045)⁵
  3. Evaluate exponents:                                                                                         A = 9500(1.24618)
  4. Multiply:                                                                                                             A = 11838.7
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