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At the beginning of March, Ryan had $621 in his savings bank account. On 10 March he deposited $60. If the bank pays 8% p.a. interest paid monthly and calculated on the minimum monthly balance, calculate the interest Ryan earns in March.

2.14
3.14
5.14
4.14

Correct Answer: 4.14

Explanation:

I = (P x T x R) /100

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