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13-12-2019
Mathematics

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You invest 1000 in an account that pays simple interest rate of 7% for 20 years

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13-12-2019

Answer:

if the interest rate is anual, after 20 years the account would have $2400

Explanation:

(interest rate • $$ invested • amount of time) + $$ invested = $$ after total amount of time

(0.07 • 1000 • 20) + 1000 = 2400

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