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Mr. Alvarez's simple interest savings account currently has a balance of $12,500. He earns 6% Interest annually. Calculate his balance for one year
If no additional deposits are made,
A $13,250.00
B $12,506.00
C $13,500
D $12,560.00

Respuesta :

Samawati

Answer:

A $13,250.00

Explanation:

The formula for calculating balance at the end of a period using simple interest is as below.

A = P(1+rt)

A =  final amount

 P=  principal amount which is $12500

 r=  interest rate 6% or 0.06

t =  time which is 1 year

A = $12,500(1+0.06 x 1)

A = $12500 x1.06 x 1

=$12500 x 1.06

=$13,250

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