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krisannis
krisannis krisannis
  • 09-02-2017
  • Mathematics
Answered

Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 7%. After 11 years, the interest earned on the account was $4,620. How much money did Mike's grandmother deposit in the account?

$6,000

$6,500

$7,000

$5,000

Verified Answer :

Aliwohaish12
Aliwohaish12 Aliwohaish12
  • 09-02-2017

P=4620/(0.07*11)
P==6,000

Answer Link

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