On a deposit of $50 at a simple interest rate of 9%, how much interest will you earn after 12 vears?

Question

On a deposit of $50 at a simple interest rate of 9%, how much interest will you earn after 12 vears?

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Mary 1 week 2021-09-15T02:49:56+00:00 1 Answer 0

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    2021-09-15T02:51:37+00:00

    Answer: Interest after 12years is $54

    Step-by-step explanation:

    Simple interest (I) is calculated by Principal x Rate x Time

    From the question given, Principal= $50; Rate = 9% = 9/100 = 0.09

    Time= 12years

    Slot the values into the formula

    I =$50 x 0.09 x 12

    I =$54

    I hope this is clear, do have a great day!

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