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You deposit $500 in an account that earns simple interest at an annual rate of 5.6%.
How much money is in the account after 3 years?(1 point)
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GPT-5 mini
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Simple interest: A = P(1 + rt).
P = \$500, r = 0.056, t = 3, so A = 500(1 + 0.056·3) = 500(1 + 0.168) = 500(1.168) = \$584.
P = \$500, r = 0.056, t = 3, so A = 500(1 + 0.056·3) = 500(1 + 0.168) = 500(1.168) = \$584.
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