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A principal of $4000 is placed in a savings account at 6% per annum compounded annually. How much interest is earned in the account after three years

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The interest earned in the account after three years is $720.

The formula for simple interest= P×T × R/100

Principal (P) = $4000

Time( T) = 3 years

Rate(R) = 6%

interest(I)= 4000×3 × 6/100

I = 72000 ÷ 100

I = 720

Therefore, the interest earned in the account after three years is $720.

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