Ruiz invests $5500 at a simple interest rate of 4%. How much interest will he earn after 5 years?
2 answers:
Answer:
Interest earned after 5 years is $1100.
Step-by-step explanation:
We know that,

where,
i = interest
P = principal = $5500
r = rate of interest = 4%
t = time period = 5 years
Putting the values,



Therefore, the interest earned after 5 years is $1100.
1,100 is the interest earned after 5 years
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