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24 June, 05:50

Clint earned $1155 in interest in a simple account over the last 5 years the account pays 1.25% interest how much did clint originally deposit in his account

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  1. 24 June, 06:15
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    Answer: his original deposit was $18480

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the investment.

    P represents the principal or amount invested.

    R represents interest rate

    T represents the duration of the investment in years.

    From the information provided,

    R = 1.25

    T = 5 years

    I = 1155

    Therefore,

    1155 = (P * 1.25 * 5) / 100

    1155 = 0.0625P

    P = 1155/0.0625

    P = 18480
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