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Question:

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?

A $112.50
explanation

Interest = principal × rate × time. Interest = $1,000 *2(1/4)%*5 =$1,000*0.0025*5=$112.50.

Comments

sb145085

2 years ago

Love love love

disissparta

2 years ago

Great way to practice for your ASVAB

Micheala_C

2 years ago

Easy to use, and understand

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