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Find the interest. Round your answer to the nearest cent. Principal: 22,000, Rate: 3%, Time: 5 yrs

1 Answer

5 votes

To find the interest, we're going to use the following formula


I=P* r* t

Where P represents the principal, r represents the rate(written as a decimal), and t represents the time in years.

Plugging the given values on this formula, we have


I=22,000*0.03*5=3300

The interest after 5 years will be $3300.00.

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