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15 January, 15:55

Eric earns 6.5% simple interest annually on his savings account. he has a beginning balance of $459.32. how much interest does he receive?

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  1. 15 January, 15:59
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    The amount Eric received will be calculated using simple interest formula given by:

    S. I=PRT/100

    where:

    P=principle

    R=rate

    T=time

    thus the amount of interest Eric will receive will be:

    (6.5*459.32*1) / 100

    =$29.8558

    Answer: $29.8558
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