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3 years ago

8

Marco deposited $500 in a savings account earning 4% simple interest over 5 years. What was the total amount of interest earned

at the end of 5 years?
(Please show how u got your answer to)

2 answers:

Finger [1]3 years ago

7 0

Interest earned (IE) = PxRxT
IE = 500 x 0.04 x 5 = $100

Dimas [21]3 years ago

6 0

Interest=partxratextime 500x.04x5=100 He earned 100 dollars in interest.

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Step-by-step explanation:

Let us solve the question

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→ Change the 10 min to the hour by divide it by 60

∵ 3 hours 10 min = 3 + $\frac{10}{60}$ = 3 + $\frac{1}{6}$ = 3 $\frac{1}{6}$ hours

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