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  • 02-03-2017
  • Mathematics
Answered

Richard deposited $5500 for 6 years on 2.40% interest. How much simple interest will he earn

Richard deposited 5500 for 6 years on 2.40 interest. How much simple interest will he earn class=

Verified Answer :

Anonymous Anonymous
  • 02-03-2017

Formula: Principal x Rate x Time

1) $5500 x 2.40 x 6 = $79,200
2) $47,300 x 0.03 x 4 = $5,676

Note: How I got 0.03 for problem 2 is because of converting percentages into decimal form.

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