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3 March, 05:34

Khalid invested $9500 in a savings account with a yearly interest rate of 3% for 8 years. How much simple interest did he earn?

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  1. 3 March, 06:13
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    So simple interest, you don't compound anything, you will always add 3% from $9500 and it will not change. The equation will look like this:

    9500*[1 + (0.03*8) ]

    giving us 9500*1.24 = $11,780
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