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14-06-2016
Mathematics

Answered

Marco deposited $500 in a savings account earning 4% interest over 5 years.

What was the total amount of interest earned at the end of 5 years?

A.

$40

B.

$50

C.

$100

D.

$200

Verified Answer :

16-06-2016

use the formula
i = prt
p = principle amount = 500
r = rate of interest = 4% = 0.04
t = time in years = 5

i = 5000.045 = 100

so the amount of interest earned is $100
C

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