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28-10-2022
Mathematics

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Find the simple interest and the future value for principal amount $110, rate 6%, and time 2 years, The simple interest is $ The future value is $

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ZamariyahA70693 ZamariyahA70693

28-10-2022

p = $110

r = 6% = 6/100

t = 2 years

[tex]SI=\frac{prt}{100}=\frac{110\times6\times2}{100}=\frac{1320}{100}=\text{ \$}13.2[/tex]

simple interest = $13.2

The future value will be

[tex]\begin{gathered} FV=110(1+0.06)^2 \\ FV=110(1.06)^2 \\ FV=110\times1.1236 \\ FV=123.596=\text{ \$123.596} \end{gathered}[/tex]

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