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Mathematics

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Interest = $45
Principal = ?
Interest rate = 3%
Time = 2 years

Answer :

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What interest is this. Simple or compound? Cause both have different formulas.

Simple interest

A(interest) = (Principal× Rate×time)

A= (P ×3×2years)/100%

$45 = 6/100P

4500= 6p

4500/6 = P

principal= $750.

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