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6 July, 17:24

Ryan deposits $7000into an account that pays simple interest at a rate of 3%per year. How much interest will he be paid in the first 2years?

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  1. 6 July, 17:42
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    1.03 = 3% interest

    7000 x 1.03 = 7210

    7210 x 1.03 = 7426.3

    6% of compounding interest or $426.3
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