$30,000 is invested for 9 months at an annual simple interest rate of 2%. (a) How much interest will be earned? $ (b) What is the future value of the investment after 9 months? $
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The formula for simple interest is: $Interest = Principal \times Rate \times Time$ Where: - Principal is the initial amount invested ($30,000) - Rate is the annual interest rate (2% or 0.02) - Time is the number of years (9 months is $\frac{9}{12}$ of a Show more…
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