If $475 is put in the bank and each year the account earns 6% simple interest, then how much interest will be earned in three years? R

Question

If $475 is put in the bank and each year the account earns 6% simple interest, then how much interest
will be earned in three years? Round your answer to the nearest cent if necessary.

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Bella 2 weeks 2021-09-10T09:55:50+00:00 1 Answer 0

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    2021-09-10T09:57:26+00:00

    Answer:

    First year: 475 + (6% x 475)= 503.5

    Second year: 503.5 + (6% x 503.5)= 533.71

    Third year: 533.71 + (6%x 533.71)= 565. 73 (to the nearest cent)

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