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25 June, 18:03

Chanelle deposits $7,500 she does not with draw or deposit money for 6 years she ears 6% in interest. How much interest will she have at the end of 6 years

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  1. 25 June, 19:31
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    Answer: The interest that she will have at the end of 6 years is $2700

    Step-by-step explanation:

    Chanelle deposits $7,500 and she does not withdraw or deposit money for 6 years. This means that the initial amount and the interest accrued was not altered in 6 years.

    She ears 6% in interest. To determine the amount of interest that she would have at the end of 6 years. We will apply the simple interest formula.

    I = PRT/100

    Where

    I = simple interest

    P = principal

    R = interest rate

    T = number of time in years

    From the information given

    P = $7,500

    R = 6

    T = 6

    I = (7500 * 6 * 6) / 100

    I = $2700
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