Bob deposits $3000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the
first 5 years?
1 answer:
Answer:
He will have paid 750 interest in the first five years.
Step-by-step explanation:
SI = P×R×T/100
3000 x 5 x 5 divided by 100
75000 / 100 = 750
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