nEStAStIC3146 nEStAStIC3146

08-07-2017
Mathematics

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Today, you deposit $2,400 in a bank account that pays 4 percent simple interest. how much interest will you earn over the next 5 years

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mathmate mathmate

08-07-2017

Principal, P = 2400
interest rate, i = 4% (=0.04)
number of years, n=4

Simple interest,
I = Pin
=2400*0.04*4
=$384 after 4 years.

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