Mathematics, 10.08.2019 01:30 SketchWasTaken
If a person invests $220 at 7% annual interest, find the approximate value of the investment at the end of 10 years.
Answers: 2
![\bf ~~~~~~ \textit{Simple Interest Earned Amount} \\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill & \$220\\ r=rate\to 7\%\to \frac{7}{100}\dotfill &0.07\\ t=years\dotfill &10 \end{cases} \\\\\\ A=220[1+(0.07)(10)]\implies A=220(1.7)\implies A=374](/tpl/images/0174/0105/cdaee.png)
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