Jose invested $5000 into a fund with an interest rate of 4.8%. How much interest would he earn after 2 years? A) $240 B) $24,000
1 answer:
Answer: C) $480
Step-by-step explanation:
Given: Jose invested $5000 into a fund with an interest rate of 4.8%.
Therefore, Principal amount (P)$5000
Rate of interest = 4.8%
In decimal rate of interest(r)=0.048
Time (t)= 2 years
We know that the simple interest is given by
Hence, the interest after 2 years = $480
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