larryhurdle23 larryhurdle23

25-10-2021
Mathematics

contestada

You deposit $200 in a savings
account that pays a simple
interest rate of 3.25% per year.
How much interest will you earn
after 5 years?

Respuesta :

sbeetner33 sbeetner33

25-10-2021

Answer:

$32.50

Step-by-step explanation:

The equation for simple interest is

Simple Interest=P×r×n

where:

P=Principal amount

r=Annual interest rate

n=Term of loan, in years

so

P=200

r=0.0325

n=5

so 200*0.0325*5=32.5

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