Question

You put $5,000 in the bank for 4 years with a 1.2% interest rate. How much interest is earned

Answer 1

$240

Explanation:

From question,

Principal amount,P=$5000

Time period,T=4 years

Internet rate,R=1.2%

Interest earned=(PRT)/100

or,$(5000*1.2*4)/100

or,$240

INTEREST=$240