smith deposited 3,500 for 4 years years in a savings account with an annual simple interest rate of 3.5%. How much interest did Smith earn during the 4 years?

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22-12-2016
Mathematics

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smith deposited 3,500 for 4 years years in a savings account with an annual simple interest rate of 3.5%. How much interest did Smith earn during the 4 years?

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KateBlake KateBlake · Answer 1 · 2016-12-22T15:09:57+01:00

KateBlake KateBlake

22-12-2016

Simple Interest = Money Amount + (Interest percentage of Money × number of years or months)

SI = 3500 + (3.5% of 3500 × 4)
SI = 3500 + (122.5 × 4)
SI = 3500 + 490
SI = 3990 !

He earned 3990 over 4 years. If you liked my answer, please make me the brainliest answer! :)

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