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Answered

A bank offers 0.25% annual simple interest rate for a particular

deposit. How much interest will be earned if 1 million pesos is deposited in this
savings account for 1 year?​

Sagot :

MINDOVERMATTERIN

Answer:

Hey!

The interest earned is ₱2,500.

Step-by-step explanation:

Given:

  • P = 1,000,000
  • I = 0.25% = 0.0025
  • t = 1 year

Find: [tex] I_{s}[/tex]

Formula: [tex] I_{s}[/tex] = Prt

Solution:

  • [tex] I_{s}[/tex] = Prt
  • [tex] I_{s}[/tex] = (1,000,000)(0.0025)(1)
  • [tex] I_{s}[/tex] = 2,500

Hence ₱2,500 is the interest earned.

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