Math Problem Statement

A retiree invests $3,000 in a savings plan that pays 7% per year. What will the account balance be at the end of the first year?

$

Solution

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Math Problem Analysis

Mathematical Concepts

Simple Interest
Percentage Calculations
Algebra

Formulas

A = P(1 + rt)

Theorems

Simple Interest Formula

Suitable Grade Level

Grades 9-11