I am working percentages increases and decreases with problems like From 24 pencils to 30 pencils (increase question) or From 2
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Answer:
Step-by-step explanation:
The formula to find the final amount after getting simple interest :
, where P is the principal amount , r is rate of interest ( in decimal )and t is time(years).
Given : Justin deposited $2,000 into an account 5 years ago.
i.e. P = $2,000 and t= 5 years
He has just withdrawn $2,876.
i.e. we assume that A = $2876
Now, Put all the values in the formula , we get
In percent,
hence, He earned of interest on account.