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You place some money in a savings account the savings account earns 2% simple interest. explain how you can find the interest earns after x years.

Sagot :

Nimbus2005
The formula of simple interest is A=prt.
Because of this, you can plug in what you know to find your total amount in your account.
Convert the interest rate to a decimal. 2%=0.02

Answer:
A=P*0.02*x
where
A=Total amount of money in account ($)
P=Amount of money invested ($)
x=Time (yrs)
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