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3 years ago

Kiera has $20 in a savings account. The interest rate is 5%

Mathematics

1 answer:

Anuta_ua [19.1K]3 years ago

8 0

Calculation:

First, converting R percent to r a decimal

r = R/100 = 5%/100 = 0.05 per year,

then, solving our equation

I = 20 × 0.05 × 2 = 2

I = $ 2.00

The simple interest accumulated

on a principal of $ 20.00

at a rate of 5% per year

for 2 years is $ 2.00.

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