A savings account earns a simple interest rate of 6.75% per year on an account with an initial deposit of 500. How much money will be in the account after 2 years?

Solution

Solution

Amount : 567.5

Solution steps

Translate the problem into an equation:

A = 500 (1 + 0.0675 \cdot 2)

500 (1 + 0.0675 \cdot 2) = 567.5

Amount : 567.5

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