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Pablo deposits $5000 into an account that pays simple interest at a rate of 3% per year. How much interest will he be paid in the first 6years?

Sagot :

Spaceidn

Answer:

$5900

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: A = P(1 + rt)

  • P is principle amount
  • r is rate
  • t is time (in years)

Step-by-step explanation:

Step 1: Define

Identify variables

P = 5000

r = 3% = 0.03

t = 6

Step 2: Find Interest

  1. Substitute in variables [Simple Interest Rate Formula]:                                 A = 5000(1 + 0.03 · 6)
  2. (Parenthesis) Multiply:                                                                                       A = 5000(1 + 0.18)
  3. (Parenthesis) Add:                                                                                            A = 5000(1.18)
  4. Multiply:                                                                                                             A = 5900
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