Answer:
450
Explanation:
A = P(1 + rt)
A = final amount
P = initial principal balance
r = annual interest rate
t = time(in years)
Given,
P = 3000
t = 2 years
r = 7.5% = 7.5/100 = 0.075
A = 3000(1 + 0.075*2) = 3450
Interest = 3450 - 3000 = 450
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