You deposit $200 in a savings account. The account earns 6% simple interest per year. A. What is the interest earned after 2 years? B. What is the balance after 2 years

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Senia asked Feb 11, 2022

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You deposit $200 in a savings account. The account earns 6% simple interest per year.

A. What is the interest earned after 2 years?
B. What is the balance after 2 years

Mathematics
high-school

Senia asked Feb 11, 2022

by Senia

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Answer:

A. $24

B. $224

Explanation:

Simple interest=SI

Principle (deposit)= P (200)

Rate=R(6/100=0.06)

Time=T(2)

SI=P•R•T

SI=200x0.06x2

SI=24

Balance= deposit+interest=200+24=224

Jee answered Feb 17, 2022

by Jee

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