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40 votes
40 votes
300$ at 6% for 2 yrs what is the simple interest​

User Glasses
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1 Answer

25 votes
25 votes

Answer:

Simple interest after 2 year = $36

Explanation:

Given:

Amount invested = $300

Number of year amount invested = 2 year

Rate of interest per year = 6% = 6/100 = 0.06

Find:

Simple interest after 2 year

Computation:

Simple interest formula;

Simple interest = [Amount invested][Rate of interest][Number of year]

Simple interest after 2 year = [300][0.06][2]

Simple interest after 2 year = [18][2]

Simple interest after 2 year = $36

User Ian Hopkinson
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