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You deposit \(\dollar 1\,500\) in a savings account that pays simple interest at a rate of \(4\pourcent\) per year.
The amount of money in your account after \(n\) years is given by the formula:$$\begin{aligned}u_n &= \text{Initial Amount} + \text{Nbr years} \times \text{Percentage of the initial amount}\\ &= 1\,500 + n \times 0.04 \times 1\,500\\ &= 1\,500 + 60n\\ \end{aligned}$$where \(u_n\) is the amount after \(n\) years. What is your amount at year 20?
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