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12 September, 15:15

Bob deposits $3000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?

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  1. 12 September, 18:43
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    He will have paid 750 interest in the first five years.

    Step-by-step explanation:

    SI = P*R*T/100

    3000 x 5 x 5 divided by 100

    75000 / 100 = 750
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