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by Anonymous on March 17th, 2008

Anonymous

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Help answer this question below.

If a savings account pays interest of 2.95% and I know that the amount of interest earned in one year is 503 dollars, how do I figure out exactly how much is in this savings account?

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Answers. 1 helpful answer below.

  • by Rollie on March 17th, 2008

    Rollie

    Divide $503.00 by the percentage .0295. Your answer
    will be $17,050.85 rounded off to the nearest cent.
    This answer assumes that you are earning simple interest
    and it is credited to the account once per year.

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