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Ryan deposits $7000into an account that pays simple interest at a rate of 3%per year. How much interest will he be paid in the first 2years?

Ryan deposits $7000into an account that pays simple interest at a rate of 3%per year. How much interest will he be paid in the first 2years?
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Ryan deposits $7000into an account that pays simple interest at a rate of 3%per year. How much interest will he be paid in the first 2years?

User Hiroaki Machida
by
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1 Answer

1 vote
1.03 = 3% interest
7000 x 1.03 = 7210
7210 x 1.03 = 7426.3

6% of compounding interest or $426.3
User Mengjun
by
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