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OpenStudy (anonymous):
Janice deposited $750 in a savings account that earns 3.5% simple interest. How much interest has Janice earned by the end of the first year?
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OpenStudy (texaschic101):
I = PRT (interest = principal * rate * time) P = 750 R = 3.5% -- turn to a decimal = .035 T = 1 now sub I = (750)(.035)(1) I = 26.25 <=== interest earned for 1 year
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