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POSSIBLE POINTS: 20 Garrett invests $11,000 in a savings account that pays 2% simple interest. Which best represents the interest the account will earn after 4 years, if he make…

POSSIBLE POINTS: 20 Garrett invests $11,000 in a savings account that pays 2% simple interest. Which best represents the interest the account will earn after 4 years, if he make…
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POSSIBLE POINTS: 20 Garrett invests $11,000 in a savings account that pays 2% simple interest. Which best represents the interest the account will earn after 4 years, if he makes no withdrawals or deposits?​

User Virtualmic
by
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1 Answer

4 votes
Simple interest does not compound so he will only be paid interest at the end
Interest = 11 000 x 2% x 4 = $880
User Estebanuri
by
8.3k points
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