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Kate has 70, 000 in a savings account that earns 8% interest per year.The interest is not compounded.How much interest will she earn in 1 years?

Solution

Kate has 70, 000 in a savings account that earns 8% interest per year.The interest is not compounded.How much interest will she earn in 1 years?

Solution

Interest : 5600

Solution steps

Translate the problem into an equation:

I = 70000 \cdot 0.08 \cdot 1

Simplify

I = 70000 \cdot 0.08 \cdot 1

Interest : 5600

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