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$500 is deposited in a bank account paying 6% simple interest, how much interest will the deposit earn in 4 years?

$500 is deposited in a bank account paying 6% simple interest, how much interest will the deposit earn in 4 years?
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6 votes
$500 is deposited in a bank account paying 6% simple interest, how much interest will the deposit earn in 4 years?

User VizFlux
by
8.8k points

1 Answer

13 votes

Answer:

It will gain $120, making it $620 in all.

Explanation:

A = 500(1 + (0.06 × 4)) = 620

User Ernest Collection
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