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OpenStudy (anonymous):
Mike's grandmother opened a savings account in Mike's name and deposited some money into the account. The account pays an annual simple interest rate of 6%. After 8 years, the interest earned on the account was $2,400. How much money did Mike's grandmother deposit in the account? A. $5,500 B. $6,000 C. $5,000 D. $4,000
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