Questions: If 500 is deposited in an account and after 1 year, there is 2295 in the account. How much interest was earned?

If 500 is deposited in an account and after 1 year, there is 2295 in the account. How much interest was earned?
Transcript text: If 500 is deposited in an account and after 1 year, there is 2295 in the account. How much interest was earned?
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Solution

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Solution Steps

To find the interest earned, subtract the initial deposit from the final amount in the account after 1 year.

Step 1: Identify Initial Deposit and Final Amount

The initial deposit in the account is \( \$500 \), and the final amount in the account after 1 year is \( \$2295 \).

Step 2: Calculate Interest Earned

To find the interest earned, subtract the initial deposit from the final amount: \[ \text{Interest Earned} = \text{Final Amount} - \text{Initial Deposit} = 2295 - 500 = 1795 \]

Final Answer

\(\boxed{1795}\)

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