Question

Find the simple interest earned on a deposit of $2,800 that earns 2% annual interest after 5 years.

Answer 1

Answer:

$280

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year,

then, solving our equation

I = 2800 × 0.02 × 5 = 280

I = $ 280.00

The simple interest accumulated

on a principal of $ 2,800.00

at a rate of 2% per year

for 5 years is $ 280.00.

Answer 2

The simple interest earned on a deposit of $2,800 that earns 2% annual interest after 5 years is $280

An interest is the amount of money gained by investing in a business.

The simple interest is gotten using the formula:

I = PRT

Where I is the interest, P is the principal, R is the rate, T is the time.

Given that P = $2800, r = 2% = 0.02, T = 5 years, hence:

I = PRT

I = 2800 * 0.02 * 5 = $280

The simple interest earned on a deposit of $2,800 that earns 2% annual interest after 5 years is $280

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