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18 April, 15:25

Boris deposits $400 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 4 years

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  1. 18 April, 15:33
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    Simple interest formula = principle x rate x time

    principle = $400

    rate = 2% or 0.02

    time = 4 years

    so, SI = 400*0.02*4

    SI = $ 32

    Boris will pay an interest amount of $32
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