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12-10-2020
Mathematics

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John made a lump sum deposit of $ 6,300 in an account that pays 6.5% per year. Find
the value (maturity value) of his account after 5 years. How much is the interest?

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viaali81381 viaali81381

12-10-2020

Answer: $8,347.50 is the value of his account after five years.

Interest is $409.50 per year.

Total amount of interest paid is $2,047.50.

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