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Chapter 2: Q. 147 (page 130)

Casey deposited $1,450 in a bank account that earned simple interest at an interest rate of 4%. How much interest was earned in two years?

Short Answer

Expert verified

Interest earned in 2 years is $116.

Step by step solution

01

Given information.

Pricipal,P=$1450Rate,r=4%=0.04Time,t=2yearsInterest,I=?

02

Calculate the simple interest.

Use the following formula and solve for unknown value.

I=Prt=1450×0.04×2=116

So, interest earned in given time is $116.

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