Sam put $1200 into his savings account where she earns 3.5% per year. She leaves the money in the account for 6 years. How much intrest wi

Question

Sam put $1200 into his savings account where she earns 3.5% per year. She leaves the money in the account for 6 years. How much intrest will she earn? How much money will be in the account after 6 years?

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19 mins 2021-09-15T18:24:41+00:00 1 Answer 0

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    2021-09-15T18:26:13+00:00

    Answer:

    $1475.11

    Step-by-step explanation:

    Assume compounding once annually.  Then:

    A = P(1 + r)^t becomes:

    A = $1200(1 + 0.035)^6, or

       = $1200(1.035)^6, or

       =  $1475.11

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