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$1,000, 5%, 2 years of simple interest paid to the nearest cent

$1,000, 5%, 2 years of simple interest paid to the nearest cent
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1 vote
$1,000, 5%, 2 years of simple interest paid to the nearest cent

User Smern
by
8.1k points

1 Answer

6 votes
using the formula for simple interest
(1000 X 5 X 2)/100
the answer is $100 but to the nearest cent it is 10000cents
User Pete Dermott
by
7.8k points
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