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Mathematics
Find the amount of simple interest earned for depositing the given principle
P = $ 9000 r = 3.5 % t = 1 year {:[P=$9000],[],[r=3.5%],[],[t=1" year "]:}
Simple interest:
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The simple interest earned for depositing $9000 at a rate of 3.5% for 1 year is:
Simple Interest = Prt = $9000 \times 0.035 \times 1 = $315
Therefore, the simple interest earned is $315.
Step-by-step solution:
The formula for simple interest is:
Simple Interest ( I ) = P × r × t "Simple Interest ("I")"=P xx r xx t
where P is the principle amount, r is the rate of interest, and t is the time period in years.
Given P= 9000 , r = 3.5 % 9000,r=3.5% and t = 1 t=1 year, we can substitute these values in the formula for simple interest to get:
I = 9000 × 0.035 × 1 = 315 I=9000 xx0.035 xx1=315
Therefore, the simple interest earned is $315.
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