AleksanderC585315 AleksanderC585315

04-11-2022
Mathematics

contestada

Donna dispose $500 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 5 years?

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CailahK496970 CailahK496970

04-11-2022

In this case, we'll have to carry out several steps to find the solution.

Step 01:

Data

principal = $500

rate = 4%

time = 5 years

interest = ?

Step 02:

simple interest

I = P * r * t

= $500 * 0.04 * 5 years

= $100

The answer is:

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