Joe deposits $7000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 6 years?$

Question

Joe deposits $7000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 6 years?$
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Solution 1

To calculate the simple interest, you can use the formula:

Interest = Principal x Rate x Time

where:

  • Principal is the initial amount of money that was deposited or loaned. In this case, it's $7000.
  • Rate is the annual interest rate. Here, it's 6% or 0.06 when expressed as a decimal.
  • Time is t Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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