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Greg deposits $500 into an account that pays simple interest at a rate of % 3 per year. How much interest will he be paid in the first 6 years?

Greg deposits $500 into an account that pays simple interest at a rate of % 3 per year. How much interest will he be paid in the first 6 years?
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3 votes
Greg deposits $500 into an account that pays simple interest at a rate of % 3 per year. How much interest will he be paid in the first 6 years?

asked
User Ashu Kumar
by
7.4k points

1 Answer

10 votes

Answer: 90 dollars

Work Shown:

i = p*r*t

i = 500*0.03*6

i = 90

answered
User Xavier J
by
8.4k points
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