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Monico invests
$13,000 at
12% simple interest for 1 year. How much is in the account at the end of the 1 year period?
Answer:
$
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Monico invests $\$ 13,000$ at $12 \%$ simple interest for $1$ year. How much is in the account at the end of the $1$ year period? $\newline$ Answer: $\$$ _______

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Finance problems

Full solution

Q. Monico invests

\$ 13,000

at

12 \%

simple interest for

1

year. How much is in the account at the end of the

1

year period?

\newline

Answer:

\$

_______

Identify Details: Identify the principal amount, the rate of interest, and the time period for the investment. $\newline$ Principal amount $P$ = $\$13,000$ $\newline$ Rate of interest $R$ = $12\%$ $\newline$ Time $T$ = $1$ year
Calculate Interest: Calculate the interest earned using the formula for simple interest: Interest $I = \frac{P \times R \times T}{100}$ . $I = \frac{13000 \times 12 \times 1}{100}$ $I = \frac{156000}{100}$ $I = \$(1,560)$
Calculate Total Amount: Calculate the total amount in the account at the end of the $1$ year period by adding the interest earned to the principal amount. $\newline$ Total amount = Principal amount + Interest $\newline$ Total amount = $\$13,000$ + $\$1,560$ $\newline$ Total amount = $\$14,560$

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