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9 April, 13:05

Deposit $400 into an account that pays simple interest at rate of 4% per year how much interest will she be paid in the first 6 years

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  1. 9 April, 14:44
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    Deposit = $400

    Simple interest = 4%

    Simple interest for one year = 4% of $400 = 0.04 x 400 = $16

    Simple interest for 6 years = 16 x 6 = $96

    Total interest for 6 years is $96
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