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Simple Interest at 4.22% per year










































A bank pays simple interest at the rate of 4.22% per year for certain deposits. If a customer deposits RM25,000 and makes no withdrawal for 3 years, what is the total amount on deposit at the end of 3 years? What is the interest earned in that period of time?

Comments for Simple Interest at 4.22% per year

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Oct 07, 2012
Simple Interest
by: Staff


Answer:

simple annual interest

interest = p * i * n

p = 25000

i = 0.0422

n = 3

interest = 25000 * .0422 * 3

interest = 3165

Interest earned of the 3 year term = RM3165

Money on deposit at the end of 3 years = 25000 + 3165

Money on deposit at the end of 3 years = RM28165



Thanks for writing.

Staff
www.solving-math-problems.com


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