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Jesse opened a savings account with a deposit of $500\$500. The account earns 0.5%0.5\% simple interest per year. He did not make any additional deposits or withdrawals. What was Jesse's account balance after 55 years?

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Q. Jesse opened a savings account with a deposit of $500\$500. The account earns 0.5%0.5\% simple interest per year. He did not make any additional deposits or withdrawals. What was Jesse's account balance after 55 years?
  1. Identify Details: Identify the principal amount, the rate of interest, and the time period for which the interest is calculated.\newlinePrincipal amount PP = $500\$500\newlineRate of interest RR = 0.5%0.5\% per year\newlineTime TT = 55 years
  2. Calculate Interest: Calculate the total interest earned using the formula for simple interest: Interest I=P×R×T100I = \frac{P \times R \times T}{100}.I=500×0.5×5100I = \frac{500 \times 0.5 \times 5}{100}I=2500×0.5100I = \frac{2500 \times 0.5}{100}I=1250100I = \frac{1250}{100}I=$(12.50)I = \$(12.50)
  3. Find Total Balance: Add the interest earned to the principal amount to find the total balance after 55 years.\newlineTotal balance = Principal amount + Interest\newlineTotal balance = $500\$500 + $12.50\$12.50\newlineTotal balance = $512.50\$512.50

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