Register
Alan deposits $4000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?
221k views
5 votes
Alan deposits $4000 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in the first 5 years?

User Andrii Shvydkyi
by
8.0k points

1 Answer

6 votes
Formula: i = p*r*t, where p is the initial amount, r is the interest rate as a decimal fraction, and t is the time in years. Then,

i = $4000(0.05)(5) = $1000.
User Robertpostill
by
8.8k points
← Prev Question Next Question →

Related questions

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

9.4m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
The cost of 5 similar digital cameras and 3 similar video cameras is 3213. Each video camera costs 4 times as much as each digital camera. John buys a digital camera and a video camera. How much does he
Mr. Jacob is 55 years old and tony is 7 years old. in how many years will mr. Jacobs be 4 times as old as Tony
Link Copied!