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2 years ago

Dexter deposits $200 in a bank account that earns 3% simple intrest.How much money will he have in the account after 1 year

Mathematics

1 answer:

Elis [28]2 years ago

4 0

Answer:

$206

Step-by-step explanation:

The amount that would be in the account = amount deposited + interest earned on deposit

interest earned on deposit can be determined by determining the simple interest

Simple interest = principal x time x interest rate

principal = the amount deposited = $200

Time = the duration of the deposit = 1 year

interest rate = the percentage on deposit that would be earned = 3%

200 x 0.03 x 1 = $6

The amount that would be in the account = $200 + $6 = $206

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