Suppose we deposit $1500 into an account that pays a simple interest rate of 0.5% each month. Find the amount of interest earned at the end of 3 years?
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Question
Suppose we deposit $1500 into an account that pays a simple interest rate of
0.5% each month. Find the amount of interest earned at the end of 3 years?
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- Assume, you want to get $1,000 after 5 years. How much equal amount of money do you need to deposit in an account that earns 12% annual interest to get that money? Check you answer with interest table.How much will a bank deposit of $2,000 that pays 10% compound interest be worth at the end of 3 years?Please solve in 20 minute Kyle wants to save $15,000 so he can take a trip to Australia when he graduates from college three years from now. How much must he contribute to a savings plan at the end of every month if the plan earns 4% compounded monthly?
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