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7 June, 14:20

Justine received a bonus check from her work for $6,000. She is going to deposit the money into her bank account that receives 5% simple interest.

The amount of interest earned each year is

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  1. 7 June, 15:35
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    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount of money deposited.

    P represents the principal or amount deposited.

    R represents interest rate

    T represents the duration of the in years.

    From the information given,

    P = 6000

    R = 5%

    T = 1 year

    I = (6000 * 5 * 1) / 100 = $300

    The amount of interest earned each year is $300
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