46.6k views
0 votes
On a deposit of $50 at a simple interest rate of 9%, how much interest will you earn after 12 years?

User Asif Bilal
by
8.3k points

1 Answer

3 votes

Answer: $54.00

Explanation:

I = Prt

I is interest earned: unknown

P is the principal (amount you invested): 50

r is the rate: 9% = 0.09

t is the length of time: 12

I = 50(0.09)(12)

= 50(1.08)

= 54.00

User Greeness
by
7.5k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories