Math Problem Statement
Mr. Dunn invested $1,000 at an annual interest rate of 5% for 3 years.
How much simple interest does Mr. Dunn earn after 3 years?
Solution
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Math Problem Analysis
Mathematical Concepts
Simple Interest
Basic Algebra
Formulas
Simple Interest Formula: I = P × r × t
Theorems
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Suitable Grade Level
Grades 5-7
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