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Edwin has £300 in his savings account His bank offers him a fixed 5% simple interest rate per annum for a period of 3 years How much internet will he have earned after 3 years?

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Answer: £45

Step-by-step explanation:

First find the amount of simple interest in on year:

= Amount * simple interest rate

= 300 * 5%

= £15

Now that you have the annual interest, the 3 year interest is:

= 15 * 3 years

= £45

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