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2 years ago

12

At the end of each year, how much money would you earn in interest if you invested $200 and earned 5.5% simple interest?

1 answer:

Alborosie2 years ago

7 0

$\bf \qquad \textit{Simple Interest Earned}\\\\
I = Prt\qquad 
\begin{cases}
I=\textit{interest earned}\\
P=\textit{original amount deposited}\to& \$200\\
r=rate\to 5\%\to \frac{5}{100}\to &0.055\\
t=years\to &1
\end{cases}
\\\\\\
I=200\cdot 0.055\cdot 1$

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Step-by-step explanation:

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