SOLUTION: 20. Business and finance. Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%? Solve each of the following applications.

Algebra ->  Algebra  -> Linear-equations -> SOLUTION: 20. Business and finance. Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%? Solve each of the following applications.      Log On

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Question 78719: 20. Business and finance. Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%?
Solve each of the following applications.
Answer by tutor_paul(427) About Me  (Show Source):
You can put this solution on YOUR website!
Assuming no compounding, the interest earned in a year is simply
%245000%2A.065=%24325
Good Luck
tutor_paul@yahoo.com