Mathematics, 11.10.2021 04:00 dsbdkbv2772
Simple Interest Application
Simple interest is given by the formula A = P + Prt. Where A is the balance of the account after t
years, and P is the starting principal invested at an annual percentage rate of r, expressed as a
decimal.
Cameron is investing money into a savings account that pays 2% simple interest, and plans to leave it
there for 15 years. Determine what Cameron needs to deposit now in order to have a balance of
$30,000 in his savings account after 15 years.
Cameron will have to invest $
now in order to have a balance of
$30,000 in his savings account after 15 years. Round your answer to the nearest dollar.
Answers: 2
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Simple Interest Application
Simple interest is given by the formula A = P + Prt. Where A is the ba...
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