Wildhorses6386 Wildhorses6386

16-04-2021
Mathematics

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You deposit $300 dollars in a savings account the account earns 10% simple interest per year whats the interest after 8 years

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samuelonum1 samuelonum1

20-04-2021

Answer:

$240

Step-by-step explanation:

Given data

Principal= $300

Rate= 10%

Time= 8 years

We know that the expression for the simple interest is given as

SI= PRT/100

Substitute

SI= 300*10*8/100

SI= 24000/100

SI= $240

Hence the interest is $240

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