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28 June, 21:50

gary deposits 3700 in an account that pays 2.15% simple interest he keeps the money in the account for 3 years but doesn't make any deposits or withdrawals how much interest will he receive after three years

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  1. 28 June, 22:20
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    238.65

    Step-by-step explanation:

    To find the simple interest we use the formula:

    A = P (1 + rt)

    Let's break down all the variables that we have.

    P = 3,700

    r = 2.15% or 0.0215

    t = 3

    So let's put all our variables into the formula.

    A = P (1 + rt)

    A = 3,700 (1 + (0.0215) (3))

    A = 3,700 (1 + 0.0645)

    A = 3,700 (1.0645)

    A = 3938.65

    Gary will have a total of 3938.65 in his account after 3 years. Now to find how much he made in interest, we simply subtract the total after 3 years to his initial amount.

    Interest = 3938.65 - 3700

    Interest = 238.65
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