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OpenStudy (anonymous):
A savings bond currently worth $7600 collects 5.5% annual simple interest each year. If the bond was purchased seven years ago, how much was it bought for?
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OpenStudy (anonymous):
$5487.36 One year ago: 1.055x=7600 x=7203.79 Two years ago: 1.055x=7203.79 x=6828.24 Three years ago: 1.055x=6828.24 Etc By the 7th year you should get $5487.36
OpenStudy (anonymous):
thanks!
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