3. A bank is offering 3.5% simple interest on a savings account. If you deposit $7,500, how much will your savings account be worth in two years?
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Answer:
The correct answer is 525
Step-by-step explanation:
money deposited = 7500 ( principal amount )
time = 2 years
rate = 3.5%
S.I = prt/100
so applying above value in the formula ;
SI= 7500×3.5×2/100
SI = 525
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