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11 April, 01:56

A bank pays 5.5% simple interest per year. Find the total amount at the end of one year on a principal of $3,000.

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  1. 11 April, 02:28
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    Since simple interest is equals to = principal*rate*time

    time = 1 year

    rate=5.5%

    principal=3000

    so SI=3000*1*5.5=16500
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