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How much money must be deposited to earn $219 in simple interest in 8 years at an annual rate of 6.2%?​

User Habitat
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1 Answer

4 votes

Answer: $1,147.20.

Explanation:

The total amount accrued for principal plus interest in the calculation simple interest

= principal * (1+ rate * number of years)

= $800 *(1+ 6.2% * 7)

= $1,147.20.

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User Iyyappan Ravi
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