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Jonathan has $44,200 in a saving account. The interest rate is 7% per year and is not compounded. How much interest will he earn in 3 years?

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The interest that he gains after 3 years is $9282.

Step-by-step explanation:

  • Step 1: Given details are Principal amount (P) in bank = $44200, Interest rate, R = 7%, Time, T = 3 years. Since interest is not compounded, we have to calculate simple interest.
  • Step 2: Formula for Simple Interest (SI) = PRT/100

⇒ SI = (44200 × 7 × 3)/100

⇒ SI = 442 × 7 × 3

⇒ SI = $9282

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