How much interest is earned on a principal of $2.58 invested at an interest rate of 5% for four years?
2 answers:
Answer:
Step-by-step explanation:
The formula for simple interest is
prt = I, where p is the initial investment, r is the interest rate in decimal form, t is the time it's invested for, and I is the interest earned. We multiply the p, the r, and the t together to get I. For us that looks like this:
(2.58)(.05)(4) = I and
I = .516 or 52 cents.
Answer:
$0.516≈ 0.52
Step-by-step explanation:
For simple interest:
=PRT/100
=2.58 * 5 * 4/100
= 51.6/100
= $0.516 = $0.52 ( when rounded off)
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