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5 April, 13:33

Compute the amount of interest earned in the following simple interest problem. A deposit of $100 at 8% for 20 years=

$1.60

$16.00

$160.00

$1600.00

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  1. 5 April, 14:00
    0
    Use the formula

    i = prt

    p = principle amount = 100

    r = rate of interest = 8% = 0.08

    t = time in years = 20

    i = 100*0.08*20 = 8*20 = 160

    so the interest earned is $160
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