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Vance invests $\$15,000$ in an account that pays $3.25\%$ simple interest for $72$ months. Assuming Vance doesn’t make any other deposits or withdraws, how much will be in his account after $72$ months?

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Finance problems

Full solution

Q. Vance invests

\$15,000

in an account that pays

3.25\%

simple interest for

72

months. Assuming Vance doesn’t make any other deposits or withdraws, how much will be in his account after

72

months?

Identify values: Identify the principal amount, the rate of interest, and the time period for the investment. $\newline$ Principal amount $P$ = $\$15,000$ $\newline$ Rate of interest $R$ = $3.25\%$ $\newline$ Time $T$ in years = $72$ months / $12$ months per year = $6$ years
Calculate simple interest: Calculate the simple interest using the formula $I = P \times R \times T / 100$ . $\newline$ Interest ( $I$ ) = $\$15,000 \times 3.25\% \times 6$ $\newline$ Convert the percentage to a decimal by dividing by $100$ . $\newline$ Interest ( $I$ ) = $\$15,000 \times 0.0325 \times 6$
Perform multiplication: Perform the multiplication to find the interest. $\newline$ Interest (I) = $\$15,000 \times 0.0325 \times 6$ $\newline$ Interest (I) = $\$2,925$
Calculate total amount: Calculate the total amount in the account after $72$ months by adding the interest to the principal amount. $\newline$ Total amount = Principal amount + Interest $\newline$ Total amount = $\$15,000 + \$2,925$
Perform addition: Perform the addition to find the total amount. $\newline$ Total amount = $\$15,000 + \$2,925$ $\newline$ Total amount = $\$17,925$

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