Compute the simple interest earned on a 1 year $200 deposit
that earns 6% per year
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Using the compound interest formula, we have thatP=$200, r=6/100=0.06, n=1, t=1
A is deposit value in future
A = P (1+ r/n)^nt
A = 200 (1+0.06/1)^(1)(1)
A = 200 (1.06)
A = $212
Interest = Compounded amount - principle amount
= 212 - 200
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