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OpenStudy (anonymous):
Juan deposited $200 in a savings account earning 3% interest over 2 years. What was the total amount of interest earned after 2 years? A. $12 B. $24 C. $120 D. $240
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OpenStudy (mathstudent55):
I assume the rate is 3% annual simple interest. 3% of $200 = 3% * 200 = 0.03 * 200 = 6 The account earned $6 interest in one year. How much did it earn in two years?
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