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11 August, 05:42

Suppose you earn 3% on a $1200 deposit for 5 years. Explain how the simple interest is affected if the rate is increased by 1% What happens if the time is increased by 1 year?

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  1. 11 August, 08:51
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    So if 3% on 5year term and then it increased 1% it won't be 5 anymore it would go by 6 because it has increased by 1% and just add 1200 6 times.
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