Question

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)

Answer 1

Interest earned (IE) = PxRxT
IE = 500 x 0.04 x 5 = $100

Answer 2

Interest=partxratextime 500x.04x5=100 He earned 100 dollars in interest.