What is the annual interest paid on an account that has a $1000 balance if the rate is

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2 years ago

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1 answer:

enot [183] · Answer 1 · 2023-12-20T00:21:34+03:00

The annual interest paid on the account is $75

<h3>How to determine the annual interest</h3>

The formula for determining annual interest is given as;

Interest = PRT/100

where;

Substitute the values

Annual Interest = 1000 × 7. 5 × 1/ 100

Annual interest = 7500/ 100

Annual interest = $75

Thus, the annual interest paid on the account is $75

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