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OpenStudy (anonymous):
Chanel deposited $1175 into a savings account that pays a simple annual interest rate of 1.45%. How much interest will she earn after 4 years?
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OpenStudy (ranga):
I = P * r * t where: I = Simple Interest P = Principal r = rate of interest in decimal (percentage should be converted to decimal by dividing by 100) t = number of years invested.
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