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John deposits 4000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 5 years

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1 Answer

5 votes
2% per year
5 years
5 * 2 = 10 (10%)
4000 * .10 = 400 ($400 in the first 5 years)
User Slavik Meltser
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