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In the question the principal is 50,500, the rate is 5.7% and the time is 1 year.

We put the values in the equation and:
Interest=50500* \frac{5.7}{100} *1 \\ =50500* \frac{57}{1000} \\ =50.5*57  \\ 2878.5

The rate 5.7 % can be expressed as 5.7/100

Therefore the interest the deposit earns in a year is P2878.5
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