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You put $200 in a savings account. The account earns 6% simple interest. A) What is the interest earned after 3 years? B) What is the balance after 3 years?

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Answer: (a)  $ 36  (b) $ 236

Step-by-step explanation:

Simple interest = Principal x rate x Time

Given: Principal = $200 . rate = 6% = 0.06 ,

(a )Time = 3 years

Simple interest = 200 x 0.06  x 3

= $ 36

So,  the interest earned after 3 years  = $ 36

(b)  Balance in account after 3 years =  Principal  + Simple interest

= $ (200+36) = $ 236

So,  the balance after 3 years =  $ 236

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