3 years ago

How much must you deposit in an account to earn $400 per year at 2% simple interest?

1 answer:

7 0

Step-by-step explanation:

Simple interest is a method to calculate the amount of interest charged on a sum at a given rate and for a given period of time.

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Simple Interest Example:

Simple Interest

1 Year S.I = (1000 ×5 × 1)/100 = 50

2 Year S.I = (1000 × 5 × 2)/100 = 100

3 Year S.I = (1000 ×5 × 3)/100 = 150

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