Question

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James made a deposit in a savings account 5 years ago. The account pays 4% simple annual interest. Since then, he has earned $120 in interest. What is the current balance in his account?

Answer 1

Let us assume that the amount he deposited is x
The simple interest = x*rate * time /100
First solve for x.

Answer 2

The add $120 dollar to x, this is the current balance

Answer 3

wait what is x!!?!?!?!?!

Answer 4

x is the amount he deposited in his account 5 years back.

Answer 5

well what would that be...?

Answer 6

Interest rate = 4 % annual
time = 5 years
simple interest = $120
Now simple interest = x*rate * time /100
So solve for x

Answer 7

ummm

Answer 8

$600?

Answer 9

Correct!
Now find the current balance.

Answer 10

how

Answer 11

600*4*5/100

Answer 12

?

Answer 13

600*4*5/100?

Answer 14

120?

Answer 15

@satellite73 i need your help

Answer 16

@mathmale will you help me with my question

Answer 17

The current balance = total amount = $600+$120 = $720

Answer 18

so the answer is 720?

Answer 19

Yes

Answer 20

ok

Answer 21

can u give me a medal plz

Answer 22

@ShailKumar will u plz give me a medal

Answer 23

Thirsty much?