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Lilit [14]
3 years ago
12

You deposit $4000 into a savings account. the account earns 2.75% simple interest. how long will it take to earn $220 in interes

t?
Business
1 answer:
Dovator [93]3 years ago
6 0
Simple interest means that you only need to find the interest once and then keep adding it on every year. In this case, the interest would be 2.75% of $4000 every year, which is 110. 

In 2 years, you'll have 220 because every year you gain 110 in interest.
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