If the balance at the end of eight years on an investment of $230 that
has been invested at a rate of 3% is $285.20, how much was the
interest?
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Answer:
p = 230
r = 3% p.a.
t = 8 year
and total interest is 55.20$
si = prt/100
= 230*3*8/100
= 1840*3/100
= 5520/100
= 5.52$ si for per 1 year
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