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1)A certain amount of money was deposited on a bank that earns a simple rate of interest. It was found out that after two years
1)A certain amount of money was deposited on a bank that earns a simple rate of interest. It was found out that after two years of deposit without any withdrawals take place, the amount of money on the account becomes P 94,400.00 and total interest after five years of deposits is P 36,000.00. Find the principal amount and the rate of simple interest?
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