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Rick deposits $1,000 into an investment account which earns 4% annually. Sally loans $1,000 to a friend, and the friend agrees to pay her $50 each year, and will return the $1,000 after 10 years.

Determine the amount of money each person has after 10 years.

A. Rick: $1,040; Sally: $1,500
B. Rick: $1,453.16; Sally: $1,500
C. Rick: $1,534.32; Sally: $2,000
D. Rick: $1,480.24; Sally: $1,500

I know Sally earns $1,500... but what about Rick? Please help?

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6 answers
  1. Nevermind, I was able to solve it.
    It's D.

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  2. You sure?

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  3. Rick: 1000(1.04)^years
    Sally: 1000+(50*years)

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  4. just took the quiz and it is D

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  5. took the practice test and quick check for Unit 3 Lesson 1, answers are:

    1. B
    2. C
    3. C
    4. D
    5. D
    6. C
    7. B
    8. C
    9. D
    10. C

    and the quick check

    1. A
    2. B
    3. D
    4. C
    5. D

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  6. ur moms by <3 is right

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