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Sagot :
Answer:
The amount of interest is $4,400
Step-by-step explanation:
To get the amount of interest, we use the simple interest formula
Mathematically;
I = PRT/100
I = interest
P is the amount deposited = $60,000
R is interest rate = 11%
t is time in years = 8/12 = 2/3
Substituting these values, we have
I = (60,000 * 11 * 2/3)/100
I = $4,400
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