A club deposited $50,000 in a saving account at the beginning of the year. Interest will be paid at a rate of 3% at the end of t
he year. How much interest will the club receive for the year?
1 answer:
Answer: the club will receive $1500 interest for the year
Step-by-step explanation:
Simple interest is calculated by principal ×rate× time
=$50,000× 3%×1year
50,000×0.03×1
=$1,500
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