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A bank pays 5.5% simple interest per year. Find the total amount at the end of one year on a principal of $3,000.

A bank pays 5.5% simple interest per year. Find the total amount at the end of one year on a principal of $3,000.
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A bank pays 5.5% simple interest per year. Find the total amount at the end of one year on a principal of $3,000.

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User Chris Miemiec
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8.4k points

1 Answer

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since simple interest is equals to =principal*rate*time
time =1 year
rate=5.5%
principal=3000
so SI=3000*1*5.5=16500
answered
User Bendy
by
7.7k points
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