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Charra [1.4K]
3 years ago
6

A bank is offering 2.5% simple interest on a savings account. If you deposit $5000, how much interest will you earn in one year?

Mathematics
1 answer:
xz_007 [3.2K]3 years ago
7 0
<span>Simple Interest Formula
A = P(1 + rt)

where
A = amount
P= Principal
r=rate
t=time

Plugging in:
</span><span>A = 5000(1 + (0.025 × 1))</span><span>

</span>
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