Question

What interest would you earn if you deposited $4,300 in the bank at 5% interest for 10 years? Please explain!!!!!

Answer 1

Simple interest P*R*T/100

Where P(principal) is $4300, R(Rate) is 5% and T(Time) is 10 years

Therefore: $4300 x 5 x 10 / 100

= 215,000/ 100

= $2150