A bank is offering 2.5% simple interest on a savings account. If you deposit $5000, how much interest will you earn in 4 years?
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First multiply each term by 24(the common denominator found by 8×3) to remove the fractions and make things easier.
This will give you,
Then just continue to simplify and isolate the variable.
This will give you,
Then just continue to simplify and isolate the variable.