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25 March, 18:01

At the end of a 15-year term, what is the balance of a $3,000 investment at a simple interest rate of 1.5 percent?

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  1. 25 March, 18:23
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    Find how much interest is earned for one year: $3000 x. 015 = $45

    Use that answer to find how much interest is earned for 15 years: $45 x 15 years = $675

    Add original investment to interest for balance: $3000 + $675 = $3675
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