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04-09-2020
Mathematics

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Find the future value of a 10-year investment of $3500 at a simple annual rate of 3.49%.

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04-09-2020

Answer:

You can plug in the simple interest formula A=P(1+rt) to get the amount is equal to 3500 (the principal in this case) times 1+ 3.49/100(10). This is 3500(1.349), and this is $4721.5.

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