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10 January, 03:36

Calculate the simple interest earned on a three-year investment of $750 at an annual interest rate of 8%

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  1. 10 January, 03:50
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    The formula for finding simple interest is I = (PRT) / 100 where I is simple interest, P is principal R is rate and t is time (year). the 100 is there because rate is measured in %.

    I = (750 * 8*3) = 18000/100=$180

    Therefore the simple interest is $180
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