Question

Noah has $51,740 in a savings account that earns 5% interest per year. How much interest will he earn in 5 years?

Answer 1

Noah has $51,740 in a savings account

Interest=5%

To find the interest will he earn in 5 years

we know that,

Interest can be calculated by using the formula,

`I=(P* N* R)/(100)`

where P is the principal amount, N is the number of years and R is the rate of interest.

Here, P=51740

R=5

N=5

Substitute the values, we get

`I=(51740*5*5)/(100)`
`I=(1293500)/(100)`
`I=12935`

Interest is $12,935

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