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29 July, 11:05

If the interest rate at the bank for a savings account is 0.03%, how much money would you need to leave in the account for one year in order to earn $10 in interest?

$500$1,500$8,000 Over $30,000

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  1. 29 July, 13:28
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    Let x be the initial deposited amount.

    x + 10 will be the final amount

    x + 10 = x (1.0003)

    The initial amount will not be 0

    x/x + 10/x = x (1.0003) / x

    1 + 10/x = 1.0003

    10/x = 0.0003

    x = $33,333.33

    You would need to deposit over $30,000
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