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5 December, 18:05

How much would a savings account earn on simple interest $1600.00 x 6% for 180 days

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  1. W
    5 December, 19:16
    0
    Interest = $47.34

    Step-by-step explanation:

    Formula:-

    Simple interest I = PNR/100

    P - Principle amount

    N - number of years

    R - Rate of interest

    It is given that

    P = $ 1600

    R = 6%

    Number of days = 180 days

    To find the simple interest for 1 year (365 days)

    I = PNR/100

    = (1600 * 1 * 6) / 100 = $96

    To find the interest for 180 days

    For 365 day I = $96

    For 180 days I = (180/365) * 96

    I = $47.34
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