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Simple interest of £3000 over 5 years: 3000*0.035*5 = £525

Compounded interest of £3000 over 5 years: 3000*(1.035)^5 -3000 = £563.06 rounded to the nearest penny

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Q: What is the simple interest paid on 3000 pounds at 3.5 percent yearly after 5 years and how much if the interest was compounded showing work for both answers?
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