Find the simple interest earned in a savings account that pays 5% interest if $500 is deposited for 4 years.
1 answer:
Answer: ;Simple interest (I) = $100.0
Step-by-step explanation:
Simple interest (I)
I = P x R x T
P = principal, R = rate and T = time
I = 500 x 5 x 4/100
I = 10,000/100
I = $100.0
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