Iinvested at a specified interest rate

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Reference no: EM13813863

The simple interest (I) on a certain amount of money (p) that is invested at a specified interest rate (r) for a specific period of time (t) can be found by the formula I = prt. Find the interest on a principal of $400 invested at 5% yearly for 12 years. 

Reference no: EM13813863

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