Question

Victor puts $500 in a bank account that has a simple interest rate of 5.4%. How much will Victor have after 12 years?

Answer 1

$ 324.00

Step-by-step explanation: First, convert R percent to r a decimal

r = R/100 = 5.4%/100 = 0.054 per year,

then, solving our equation

I = 500 × 0.054 × 12 = 324

I = $ 324.00

The simple interest accumulated

on a principal of $ 500.00

at a rate of 5.4% per year

for 12 years is $ 324.00.