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Neporo4naja [7]
3 years ago
14

Find the interest to the nearest cent. $3500 at 10% for 5 Years

Mathematics
1 answer:
Illusion [34]3 years ago
5 0
<span><span>P is the principal amount, $3500.00.
</span><span>r is the interest rate, 10% per year, or in decimal form, 10/100=0.1.
</span><span>t is the time involved, 5....year(s) time periods.
</span><span>So, t is 5....year time periods.
</span></span>

To find the simple interest, we multiply 3500 × 0.1 × 5 to get that:

<span>The interest is: $1750.00

If you need compounding the formula is different.</span>
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