02-01-2017
Mathematics

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what is the simple interest earned in a savings account that pays 5% interest if $500 is deposited for 4 years

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texaschic101 texaschic101

02-01-2017

I = PRT
P = 500
R = 5% = 0.05
T = 4

I = PRT
I = (500)(0.05)(4)
I = 100 <=== so interest earned = $ 100

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