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Jenny deposits \$800 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first 2 years?

Solution

Jenny deposits $800 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first 2 years?

Solution

Interest : 80

Solution steps

Translate the problem into an equation:

I = 800 \cdot 0.05 \cdot 2

Simplify

I = 800 \cdot 0.05 \cdot 2

Interest : 80

Popular Examples

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