Question

Monty invested $8600 in a savings account with a yearly interest rate of 5% for 12 years. How much sinple interest did he earn.

Answer 1

$5160

Explanation:

Each year, he earns 5% of 8600 = 0.05 * 8600 = $430

After 12 years, she will earn 12 * 430 = $5160 in interest