moneymark6007 moneymark6007
  • 28-12-2020
  • Business
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Thomas invests $123 in an account that pays 4 percent simple interest. How much money will Thomas have at the end of 6 years

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Tundexi
Tundexi Tundexi
  • 30-12-2020

Answer:

$152.50

Explanation:

Simple interest = Principal*Interest rate*Time period

Simple interest = $123*4%*6

Simple interest  = $29.52

Future value = Principal + Simple interest

Future value = $123 + $29.52

Future value = $152.50

So, Thomas will have $152.50 at the end of 6 years.

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