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10 March, 15:36

You deposit $1200 in an account. The annual interest rate is 3%. How long will it take you to earn $108 in simple interest?

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  1. 10 March, 18:54
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    Interest = $3,888

    Step-by-step explanation:

    Formula:

    I = prt or I = p · r · t

    what it stands for:

    I = amount of interest

    P = principal amount ($1,200)

    R = interest rate (in years) (3% into decimal which would be. 03)

    T = amount of time (in years) ($108)

    so:

    I = prt

    I = (1,200) (.03) (108)

    I = $3,888

    Interest = $3,888
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