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4 March, 04:44

What is the interest if a sum of $5200 is invested for 36month at 15% per annum

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  1. 4 March, 05:09
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    I = 2,340

    Step-by-step explanation:

    The formula for interest is

    I = P * R * T / 100

    P = $5200

    R = 15%

    T = 36 months; T is meant to be in years so we will convert it from months to years

    1 year = 12 months

    So 36 months

    = 36 / 12 = 3 years

    I = (5200 * 15 * 3) / 100

    I = 234,000 / 100

    I = 2,340
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