Question

If the balance at the end of 5 years on an investment of $103 that has been invested at a rate of 10% is $154.50, how much was the interest?​

Answer 1

To calculate the interest earned on an investment, we can use the formula:
Interest = Principal x Rate x Time
Where Principal is the initial amount invested, Rate is the interest rate, and Time is the length of time the money was invested.
In this case, the initial investment was $103, the interest rate was 10%, and the length of time the money was invested was 5 years. Using the formula, we can calculate the interest earned as:
Interest = $103 x 0.10 x 5 = $51.50
Therefore, the interest earned on the investment was $51.50.