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23 April, 15:41

Calculate the amount of interest

earned on a $500 deposit into an

account for 3 years with a 6% interest

rate.

+1
Answers (1)
  1. 23 April, 19:26
    0
    The amount of interest earned is $90.

    Step-by-step explanation:

    Firstly, we have to find out what is 6% of $500.

    500 = 100%

    6% of 500 =

    500 * 0.06

    = $30

    The interest rate is $30 per year. Multiply it by 3.

    30 * 3 =

    $90.

    The total interest earned is $90.
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