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Mathematics 12 Online
OpenStudy (anonymous):

5 years ago maria deposited $500 in a simple interest account. the interest rate is 7.25%. how much money is now in marias account?

OpenStudy (radar):

I=prt, Simple Interest Formula I=Interest, P=Principal, t=time, r=interest rate I=500x.0725x5

OpenStudy (anonymous):

Is it continuously compounded? or just annually?

OpenStudy (radar):

It was stated as a simple interest account.

OpenStudy (radar):

Money in the account is $500.00 plus interest of $181.25=$681.25

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