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Algebra

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Moderate

Simple Interest Total: House

ALGEBR-L@BNMY

Your spouse inherited $\$600$ three years ago. They invested in a simple interest account at $4$% per year.

You recently inherited $\$1,500$ and invested it in a simple interest account at a rate of $6$%. You plan on pulling it out after two years to purchase a house.

If your spouse withdraws their money at the same time, what is the total amount you would have to put down on a new house?

A

$\$2800$

B

$\$1,899$

C

$\$2,400$

D

$\$2,000$