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22-04-2021
Mathematics

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what is the interest earned in savings account after 12 months on a balance of $4500 if the interest rate is 1% apy compounded yearly

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samuelonum1 samuelonum1

27-04-2021

Answer:

$45

Step-by-step explanation:

Given data

Principal=$4500

Rate= 1%

Time= 12 months= 1 year

The simple interest formula is

SI=PRT/100

substitute

SI= 4500*1*1/100

SI= 4500/100

SI= $45

Hence the interest earned is $45

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