Question

100 points
Any st upid answers will get reported and deleted so genuinely answer

1. Imagine you receive a graduation gift of $5,000 from a wealthy uncle with a letter
that encourages you to save the money for your old age. Also imagine that you are
able to average 9% interest on the principal.

a. How much (simple) interest will you receive on your savings after one year?

Answer 1

Answer:

$4,500

Step-by-step explanation:

For simple interest,

I = prt,

where

I = interest

p = principal

r = annual interest rate

t = number of years

We have p = $5,000, r = 9% = 0.09; t = 1 year

I = $5,000 × 0.09 × 1

I = $450

Answer 2

Answer:

• $450

Step-by-step explanation:

Given:

• Principal P = $5000
• Interest rate r = 9% simple
• Time t = 1 year

Interest amount:

• I = Prt/100
• I = 5000*9*1/100 = 450