Simple interest and rate of interest

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Reference no: EM1313400

A savings account was opened for a baby on 1985 with a $100 deposit. No withdrawals or deposits occurred since the account was opened. The current balance of the account is $246.47. Measured in dollars of the year in which the account was opened, how much has the account grown?

a) $4.01, gain

b) 7.01,loss

c) 16.26,gain

d) 20.16, gain

e) $25.64,gain

Reference no: EM1313400

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