Question
Asked Jan 21, 2019

during a month a person deposits $500

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Expert Answer

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Step 1

The given principal amount is $500.

As the objective of the question is not specified so, we have to assume the interest rate and the corresponding time period for which the simple interest is calculated.

So, let us assume the interest rate and the time period be i and t respectively.

Step 2

Since, the simple interest is given by the following equation:

Consider,

            P is the principal amount deposited.

            R is the interest rate.

            T is the time period.

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Step 3

Therefore, the simple interest on the deposited amount of $500...

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