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A savings account earns 2(1/4)% interest each year. How much interest is earned on a $1,000 deposit after a 5-year period?
$112.50
$22.50
$100.00
$150.00
Detailed Explanation
Interest = principal × rate × time. Interest = 1,000 *2(1/4)%*5 =1,000*0.0225*5=112.50.
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