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24 June, 07:27

Calculate the simple interest you would receive in five years on a savings account that earns 7.5% annual interest. your beginning balance is $1236.59.

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  1. 24 June, 07:39
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    We know,

    simple interest = (capital*time in years*interest rate) / 100

    therefore,

    simple interest = (1236.59*5*7.5) / 100

    = 46372.125/100

    =463.72

    Thus, simple interest = $463.72
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