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21 April, 16:29

485 is deposited into a savings account that earns 3% simple interest for 4 years. How much intrest do you earn and the total money by the end of 4 years

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  1. 21 April, 17:50
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    Interest earned is $58.2

    Amount in account is $544.2

    Step-by-step explanation:

    To calculate the simple interest, we make use of the simple interest formula.

    Mathematically;

    I = PRT/10"

    whereI is the interest

    P is the amount deposited which is the principal and is 485

    R is the rate which is 3% or simply 3/100 = 0.03

    T is time which is 4 years

    Plugging the values, we have

    I = (485 * 3 * 4) / 100 = $58.2

    The amount of money in the account will be the interest plus the principal.

    This is $58.2 + 485 = $543.2
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