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3 September, 05:53

Write an equation to find the amount of simple interest, earned on a 600 dollar investment after 9 months, of the interest rate is 2.5%

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  1. 3 September, 07:45
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    Equation:

    A = P (1 + rt)

    How to do it:

    First, converting R percent to r a decimal

    r = R/100 = 2.5%/100 = 0.025 per year,

    putting time into years for simplicity,

    9 months : 12 months/year = 0.75 years,

    then, solving our equation

    A = 600 (1 + (0.025 * 0.75)) = ___

    What is it?
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