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28 September, 13:15

An account earns simple interest $600 at 5% for 2 years find the interest earned

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  1. 28 September, 14:45
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    so your answer would be 60$

    Step-by-step explanation:

    I = P * r * t

    Here, P = $600

    r = 0.05 (decimal value for 5%)

    t = 2 years

    Part a)

    The interest earned will be:

    I = P * r * t

    I = 600 * 0.05 * 2

    I = $60

    Part b)

    The balance in the account will be $600 plus the interest earned or:

    $600 + 60 = $660
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