Question

Ruiz invests $5500 at a simple interest rate of 4%. How much interest will he earn after 5 years?

Answer 1

1,100 is the interest earned after 5 years

Answer 2

Answer:

Interest earned after 5 years is $1100.

Step-by-step explanation:

We know that,

$i=\dfrac{Prt}{100}$

where,

i = interest

P = principal = $5500

r = rate of interest = 4%

t = time period = 5 years

Putting the values,

$i=\dfrac{5500\times 4\times 5}{100}$

$=\dfrac{110000}{100}$

$=\ 1100$

Therefore, the interest earned after 5 years is $1100.