Each Junior Savers has a deposit of P 5 000 in a savings account for 2 years.
If the bank pays simple interest at the rate of 6%, how much interest will each
Junior Savers receive? with solution
If the bank pays simple interest at the rate of 6%, how much interest will each
Junior Savers receive? with solution
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The formula of simple interest is I = P × r × t, where P is principal, the initial deposit, r is interest rate
Answer: P600