2 answers:
Answer:
Step-by-step explanation:
<u>Given:</u>
- Principal P = $5000
- Interest rate r = 9% simple
- Time t = 1 year
<u>Interest amount:</u>
- I = Prt/100
- I = 5000*9*1/100 = 450
Answer:
$4,500
Step-by-step explanation:
For simple interest,
I = prt,
where
I = interest
p = principal
r = annual interest rate
t = number of years
We have p = $5,000, r = 9% = 0.09; t = 1 year
I = $5,000 × 0.09 × 1
I = $450
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