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Chapter 3: Q. 121 (page 334)

Casey deposited $1,450 in a bank account with interest rate 4%. How much interest was earned in two years?

Short Answer

Expert verified

The interest earned in two years will be $116.

Step by step solution

01

Step. 1 Given Information

We have principle amount p=$1,450

Rate of interest r=4%=0.04

Time t=2years

02

Step. 2 Formula and calculation for simple interest

As we know the formula to find the simple interest is:

I=prt,wherepisindollars,ristherate,andtisthetimeinyears.

So, putting the values in the formula we get the total interest earned which is as follows:

I=prtI=1,450×0.04×2I=116

So, the total interest earned is $116.

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