Ivan has $50,000 in a savings account that earns 4% interest per year. The interest is not compounded. To the nearest dollar, how much interest will he earn in 5 years?

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asked Oct 2, 2022 219k views

4 votes

Ivan has $50,000 in a savings account that earns 4% interest per year. The interest is not compounded. To the nearest dollar, how much interest will he earn in 5 years?

Mathematics
high-school

Phoxd asked

by Phoxd

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3 votes

Answer:

$2,000

Explanation:

4% of $50,000 is $2,000 so 2,000 X 5 =10,000

Kakadu answered Oct 9, 2022

by Kakadu

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