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2 September, 12:23

If $380 is invested for one year at 13% simple interest, how much interest is earned?

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  1. 2 September, 15:28
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    Answer: $49.4

    Step-by-step explanation:

    Simple interest is calculated thus:

    Principal * Rate * Time

    Principal = $380

    Rate = 13% = 13/100=

    Time = 1

    Therefore interest earned = 380 * 0.13*1

    =$49.4
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