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2 May, 12:04

Bert is planning to open a savings account that earns 1.6% simple interest yearly. He wants to earn exactly $144 in interest after 3 years. How much money should he deposit?

A.

$2,304

B.

$300

C.

$30

D.

$3,000

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Answers (1)
  1. 2 May, 13:16
    0
    Answer: $ 3,000

    Step-by-step explanation:

    I = PTR/100

    144 = P X 3 X 1.6/100

    14400 = 4.8P

    14400/4.8 = P

    Therefore P = 3000
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