You deposit 580 in an account that earns simple interest at an annual rate of 4%.If no other deposits or withdrawals were made, what is the total amount of money in the account at the end of 5 years?

Solution

Solution

Amount : 696

Solution steps

Translate the problem into an equation:

A = 580 (1 + 0.04 \cdot 5)

580 (1 + 0.04 \cdot 5) = 696

Amount : 696

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