Answered

Marco deposited $500 in a savings account earning 4% simple interest over 5 years. What was the total amount of interest earned at the end of 5 years?


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Verified Answer :

Interest=partxratextime   500x.04x5=100 He earned 100 dollars in interest.

Interest earned (IE) = PxRxT
IE = 500 x 0.04 x 5 = $100

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