Monty invested 8600 in a savings account with a yearly interest rate of 5% for 12 years how much simple interest did he earn
2 answers:
Answer:
Simple interest = $5,160
Step-by-step explanation:
Given: Monty invested 8600 in a savings account with a yearly interest rate of 5% for 12 years.
Formula:
where, P is principle (P=8600)
R is rate of interest (R=0.05)
T is time period (T=5)
I is simple interest (I=?)
Therefore,
Hence, The simple interest in 12 years is $5,160
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