Alan deposits $4000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the
first 5 years?
1 answer:
Formula: i = p*r*t, where p is the initial amount, r is the interest rate as a decimal fraction, and t is the time in years. Then,
i = $4000(0.05)(5) = $1000.
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