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20 May, 17:32

You invest 3,000 in a bond paying 9.25% interest. How much interest will u earn this year?

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  1. 20 May, 20:43
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    Interest is given by A = PiN, where A is the interest, P is the principal or starting amount, i is the interest rate, and N is the term in years.

    In this case, the principal is $3000, the interest rate is 0.0925 and the term is 1 year.

    ∴A = 3000 x 0.0925 x 1 = $277.5
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