Answered

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A retiree invests $7,000 in a savings plan that pays 7% per year. What will the account balance be at
the end of the first year?

Sagot :

1svmansidn

Answer:

$6510

Step-by-step explanation:

First thing that should come to mind is: What is 7% of $7000?

Well, if you don't know how to find a percent of something, this is the formula you use:

7000 x 0.07 = 490.

In the first year, they will receive 490 out of the 7000 they've invested.

7000 - 490 = 6510.

Therefore, the account balance at the end of the first year will be 6510.

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