Mercedes deposits $550.00 into a savings account that earns an annual interest rate of 3.5%. What is the balance after one year?

\(\$569.25\)

Explanation

First find the interest earned; then add the interest to the amount invested. The interest is 3.5% of 550.00USD, or \(0.035 \times 550\), which equals 19.25. To find the balance, add the interest,19.25USD, to the amount invested, 550USD. The answer is 569.25USD.

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