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Carine deposits $\mathrm{R} 1000$ into a special bank account which pays a simple interest rate of $7 \%$ p.a. for 3 years. How much will be in her account at the end of the investment term?
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Step 1: Write down known values
\begin{aligned} P &=1000 \\ i &=0,07 \\ n &=3 \end{aligned}
Step 2: Write down the formula
$$A=P(1+i n)$$
Step 3: Substitute the values
\begin{aligned} A &=1000(1+0,07 \times 3) \\ &=1210 \end{aligned}
Step 4: Write the final answer
At the end of 3 years, Carine will have $\mathrm{R} 1210$ in her bank account.
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