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18 June, 16:12

Suppose you deposit $150 in a savings account that earns simple interest at a rate of 5.5% per year. How much interest will you earn after 4 years?

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  1. 18 June, 16:35
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    With simple interest, you only earn 5.5% of the original $150 each year.

    So after 4 years, your money will earn (5.5% x 4) = 22% of the original $150.

    22% of $150

    = 0.22 x $150

    = $33.
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