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Sticky Note
If $1000 is deposited in a savings account with a 2% annual interest rate, what will be the total interest after 3 years (simple interest)?
  1. $20
  2. $40
  3. $60
  4. None of these
Explanation
Simple Interest formula: SI = (P × R × T) / 100
SI = (1000 × 2 × 3) / 100 = $60.

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