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Answer to Question #265378 in Financial Math for sumu
Question #265378
Find the simple interest of $1000
(a) at 5% per annum for one year
Expert's answer
Simple interest= Principle*Rate*Time
SI= P*R*T
=1000*5/100*1
1000*0.05*1
=50
Thus ,1000+50
= $1050
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