Question

if mike invests 2000 in the bank at a simple interest rate of 5.3% for 10 years how much interest will he make?

Answer 1

$1060

Explanation:

First, converting R percent to r a decimal

r = R/100 = 5.3%/100 = 0.053 per year,

then, solving our equation

I = 2000 × 0.053 × 10 = 1060

I = $ 1,060.00

The simple interest accumulated

on a principal of $ 2,000.00

at a rate of 5.3% per year

for 10 years is $ 1,060.00.