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Arianna invests money in an account paying a simple interest of 2% per year. If she invests 20 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?

Solution

Solution

Amount : 20.4

Solution steps

Translate the problem into an equation:

A = 20 (1 + 0.02 \cdot 1)

20 (1 + 0.02 \cdot 1) = 20.4

Amount : 20.4

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