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5 January, 10:56

Find the balance at the end of 4 years if $10,000 is deposited at a rate of 1.5% simple interest.

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  1. 5 January, 11:22
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    Principal amount (P) = $10,000

    Rate (R) = 1.5%

    Time (T) = 4 years

    Simple interest, I = P X R X T / 100

    = 10000 X 1.5 X 4 / 100

    = 60000 / 100

    = $600

    Therefore, Balance = P + I

    = 10000 + 600

    = $10600
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