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Holly opened a savings account at a local bank. She deposited $3,100.00 into the account 9 years ago. If the account earns an
annual simple interest rate of 7.1%, how much interest has she earned?
Since we know that she deposited $3100 9 years ago, we know we have to find the amount of interest she gets per year times 9. So $3100*0.071 = $220.10 and then $220.1*9 = $1980.90. Therefore, she has earned $1980.90 in interest.
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