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The formula for finding simple interest is I = where P = principal, R = rate PRT 100 and T - time. What is the simple inter- 1 est when P = N1 000, R = 5 1/2% and T 2 = 3 years?​

Answer :

Answer:

The formula for simple interest is �=���100I=100PRT, where:

�P is the principal amount,�R is the rate,�T is the time in years.

In this case:

�=�1,000P=N1,000,�=512%=5.5%R=5

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