Mak deposited $493.12 in a savings account that earns 3.2% simple interest. what is mak’s account balance after 13 years?

The solution to the problem is as follows:

The amount of interest earned each year is given by:
Annual interest = 493.12×0.032 dollars
The account balance after 13 years is:
493.12+(13×493.12×0.032) = $ 698.26

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