How much interest is earned on a principal of $2.58 invested at an interest rate of 5% for four years?

Mathematics

2 answers:

pochemuha2 years ago

7 0

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.

Evgesh-ka [11]2 years ago

4 0

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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