miamonderoy miamonderoy

14-03-2022
Mathematics

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Mark invested $500 for 3 years at 6% per annum. The simple interest Mark received was

Respuesta :

mathstudent55 mathstudent55

16-03-2022

Answer:

$90

Step-by-step explanation:

We use the simple interest formula,

I = Prt

where

I = interest

P = principal amount = $500

r = interest rate = 6% = 0.06

t = time = 3 years

I = Prt

I = $500 × 0.06 × 3

I = $90

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