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You open a savings account that earns 0.85% annual simple interest. After 3 years, you earn $306 on your initial deposit. If you didn’t make any additional deposits or withdrawals, what is your initial deposit?

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Answer:

The initial deposit was $120

Step-by-step explanation:

102 is .85% of 120.

We know that the money was in the account for 3 years, so we multiply 102*3 which gets us $306.

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