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Chapter 2: Q. 148 (page 130)

Terrence deposited $5,720 in a bank account that earned simple interest at an interest rate of 6%. How much interest was earned in four years?

Short Answer

Expert verified

Interest earned in 4 years is $1372.8

Step by step solution

01

Given information.

Pricipal.P=$5720Rate,r=6%=0.06Time,t=4yearsInterest,I=?

02

Calculate the interest.

Use the following formula and solve for unknown value.

I=Prt=5720脳0.06脳4=1372.8

so, interest earned in given time is $1372.8.

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