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If the interest rate is 4% per annum, how much interest will be earned on a principal of $1,000 after one year? (2023)

Practice Questions

1 question
Q1
If the interest rate is 4% per annum, how much interest will be earned on a principal of $1,000 after one year? (2023)
  1. $40
  2. $50
  3. $30
  4. $20

Questions & Step-by-step Solutions

1 item
Q
Q: If the interest rate is 4% per annum, how much interest will be earned on a principal of $1,000 after one year? (2023)
Solution: Interest = Principal * Rate = 1000 * 0.04 = $40.
Steps: 0

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