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Marco deposited $500 in a savings account earning 4% simple interest over 5 years. What was the total amount of interest earned at the end of 5 years? (Please show how u got your…

Marco deposited $500 in a savings account earning 4% simple interest over 5 years. What was the total amount of interest earned at the end of 5 years? (Please show how u got your…
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Marco deposited $500 in a savings account earning 4% simple interest over 5 years. What was the total amount of interest earned at the end of 5 years?

(Please show how u got your answer to)

User Rumit Patel
by
8.1k points

2 Answers

6 votes
Interest earned (IE) = PxRxT
IE = 500 x 0.04 x 5 = $100
User Roelant M
by
8.6k points
6 votes
Interest=partxratextime 500x.04x5=100 He earned 100 dollars in interest.

User Piedad
by
8.2k points
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