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Anonymous Anonymous
  • 09-02-2017
  • Mathematics
Answered

A bank pays 5.5% simple interest per year. Find the total amount at the end of one year on a principal of $3,000.

Verified Answer :

brainstorm2000
brainstorm2000 brainstorm2000
  • 09-02-2017

since  simple interest is equals to =principalratetime
time =1 year
rate=5.5%
principal=3000
so SI=300015.5=16500

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