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Sagot :
The amount in lee's mutual fund account after 8 years will be $7600
Given: Principal amount (P) = $5000,
Time (t) = 10 years,
Rate of interest (r) = 6.5% per year
To find: lee's mutual fund account after only 8 years
We know that Simple interest (SI) is given by:
[tex]S.I = \frac{PTR}{100}[/tex].......(1)
So, by using equation (1) money (P') in a mutual fund account after 8 years will be
[tex]P'=P+\frac{PTR}{100}[/tex]
[tex]=5000+\frac{5000*6.5*8}{100}[/tex]
[tex]= 5000+50*6.5*8[/tex]
= 5000+2600
= 7600
Hence, the amount in lee's mutual fund account after 8 years will be $7600
Learn more about Simple Interest here https://brainly.com/question/25793394
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