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

Question

Gnesinka [82]

3 years ago

5

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?

Mathematics

1 answer:

marusya05 [52] · Answer 1 · 2022-02-18T10:40:49+03:00

marusya05 [52]3 years ago

6 0

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.