03-04-2016
Mathematics

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joey opened a saving account that pays 6.5% simple interest. how much money will be in joeys account after 3 years if he deposited $250 at the beginning and never made any deposits or withdraws?

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03-04-2016

I=PRT
Where
P is Price/Principle Amount
R is Rate
T is Time in years
I=250×0.065×3
=48.75
At the end of 3 years, he will have:
$250+$48.75
=$298.75

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