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2 March, 11:51

Tim invest $16,100 in an account that pays 6% interest per year for 5 years how much simple interest will he earn round your answer to the nearest Penny if necessary

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  1. 2 March, 12:17
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    Simple interest for one year:

    $16100 x 0.06

    = $966

    Simple interest for five years:

    $966 x 5

    = $4830
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