⦁ A $10,000 certificate of deposit earns simple interest of 8 percent per year. Calculate the total earned money over the 5 year
1 answer:
Answer:
The total earned money over the 5 year period=$14,000
Step-by-step explanation:
We are given that
Principle amount, P=$10000
Rate of interest, r=8%
Time, t=5 years
We have to find the total earned money over the 5 year period.
We know that
Simple interest=
Using the formula
S.I=[tex]\frac{10000\times 8\times 5}{100}{/tex]
S.I=$4000
Now,
Amount=P+S.I
Amount=10000+4000
Amount=$14000
Hence, the total earned money over the 5 year period=$14000
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