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Zigmanuir [339]
2 years ago
14

Suzette deposited $800 into a bank account earning simple interest of 2.5% each year. After 5 years, how much interest had her a

ccount earned?
Mathematics
1 answer:
Blababa [14]2 years ago
8 0

Answer:

\boxed {\boxed {\sf \$ 100.00}}

Step-by-step explanation:

The formula for simple interest is

I=prt

where <em>p</em> is the principal, <em>r </em>is the rate, and <em>t</em> is the time.

The principal, or initial amount is $800 and the time is 5 years The interest rate is 2.5%, but we must convert to a decimal.

Divide by 100 or move the decimal place two spots to the left.

  • 2.5/100=0.025       or          2.5 ⇒  0.25 ⇒ 0.025

Substitute the known values into the formula.

p= 800 \\r= 0.025 \\t= 5

I= (800)(0.025)(5)

Multiply.

I=20(5)\\I=100

After 5 years, Suzette's account has earned $100.00

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