Question

I deposited 300 in the bank for four years. If it earned simple interest at rate of 6per annum.
GPT 3.5
To calculate the interest earned on the deposit, we use the formula:

Interest = Principal x Rate x Time

Where:
Principal = $300
Rate = 6% or 0.06
Time = 4 years

Interest = $300 x 0.06 x 4 = $72

Therefore, the interest earned on the deposit after four years is $72.

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