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mel-nik [20]
3 years ago
13

A bank offers a savings account with a yearly simple interest rate of 2%. Suppose you deposit $550 into a savings account. How m

uch simple interest will you earn in 4 years?
Mathematics
1 answer:
Bingel [31]3 years ago
7 0

Answer:

principal, or amount your account starts with. This could be a starting investment, or the starting amount of a loan. Interest, in its most simple form, is calculated as a percent of the principal. For example, if you borrowed $100 from a friend and agree to repay it with 5% interest, then the amount of interest you would pay would just be 5% of 100: $100(0.05) = $5. The total amount you would repay would be $105, the original principal plus the interest.

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