On 29 March 202,Justin deposited 3500 into savings account.The simple interest rate agreed upon was7,5%per year.The accumulated amount in the savings account on 1 October 2022 is?
FV=P(1+rn)FV=P(1+rn)FV=P(1+rn)
Where P=3500,r=7.5%,t=2.5P=3500, r=7.5\%, t=2.5P=3500,r=7.5%,t=2.5
∴FV=3500(1+(0.075×2.5))\therefore FV=3500(1+(0.075×2.5))∴FV=3500(1+(0.075×2.5))
FV=4156.25FV=4156.25FV=4156.25 will be amount in the savings account on 1 October, 2022.
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