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7 October, 20:46

You deposit $1600 in an account. The annual interest rate is 5% for 3 years. How much

interest will you earn on the money?

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Answers (1)
  1. 8 October, 00:27
    0
    Answer: $240

    Step-by-step explanation:

    Simple interest = Principal x Rate x Time

    Where P = 1600, R = 5% = 0.05, T=3

    = 1600 x 0.05 x 3

    $240
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