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Al invested $3630 in an account that pays 6 percent simple interest

Question

Al invested $3630 in an account that pays 6 percent simple interest. How much money will he have at the end of five years?

a) $4,910

b) $5,056

c) $4,719

d) $4,678

e) $5,299

Explanation

To calculate the amount of money Al will have at the end of five years with a 6 percent simple interest rate, you can use the simple interest formula:

Simple Interest (SI) = Principal (P) x Rate (R) x Time (T)

Where:

  • Principal (P) is the initial amount Al invested, which is $3,630.
  • Rate (R) is the interest rate, which is 6 percent or 0.06 as a decimal.
  • Time (T) is the number of years, which is 5 years.

Now, plug these values into the formula:

SI = $3,630 x 0.06 x 5

SI = $3,630 x 0.3

SI = $1,089

Now, to find the total amount of money Al will have at the end of five years, you need to add this simple interest to the initial amount:

Total Amount = Principal + Simple Interest Total Amount = $3,630 + $1,089 Total Amount = $4,719

So, Al will have $4,719 at the end of five years.

The correct answer is (c) $4,719.

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