Mr. Jones has $410,000 in a retirement account that earns 3.85% simple interest each year. Find the amount of interest earned by

Question

3 years ago

15

this investment if it is in there for 5 years. *

1 answer:

Airida [17] · Answer 1 · 2022-09-12T16:55:15+03:00

Answer:

Amount of interest earned = $78,925

Step-by-step explanation:

Given:

Amount deposit = $410,000

Rate of interest = 3.85% = 0.0385

Number of year = 5 year

Find:

Amount of interest earned

Computation:

Using simple interest formula

Amount of interest earned = Amount deposit x Rate of interest x Number of year

Amount of interest earned = 410,000 x 0.0385 x 5

Amount of interest earned = $78,925