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Advocard [28]
3 years ago
9

$70.00 at 5% for 2 years

Mathematics
1 answer:
aleksandrvk [35]3 years ago
3 0

Answer:

$7

Step-by-step explanation:

Hey there

to solve this kind of problem we use the formula:

<h3>\frac{p * t * r}{100} </h3><h3>if we solve it :</h3>

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 70 × 0.05 × 2 = 7

I = $ 7.00

The simple interest accumulated

on a principal of $ 70.00

at a rate of 5% per year

for 2 years is $ 7.00.

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