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Question

Suppose you deposit 100 dollars in Account A with a simple interest rate of 3.4 percent, and 300 dollars in Account B with a simple interest rate of 1.8 percent. One year later, you get a bank statement that shows the interest for Account A is 3.40 dollars, and the interest for Account B is 540.00 dollars. What may have been the bank's error?

Solution

VerifiedStep 1

1 of 2They wrote the interest with $180\%$ interest rate not $1.8\%$.

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