Assume that you set aside $500 per year, and invest that money over the next five years in an account earning 6%. What is the am
ount of interest you will earn on this investment?
1 answer:
Answer:
150
Step-by-step explanation:
This is a case of simple interest.
The formula for this is as follows:
S.I = PRT/100
P = principal = $500
R = Rate = 6%
T = Time .= 5 years
Substituting all in the earlier equation will yield:
S.I = (500 * 6 * 5)/100 = 15,000/100 = $150
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