SOLUTION: Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%
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Question 109231: Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%
Answer by HyperBrain(694) (Show Source): You can put this solution on YOUR website!
The formula for interest is
where I=interest
______P=principal(reference amount)
______r=rate
______t=time
Here, , , and
So,
Therefore, the interest earned is $325
Power up,
HyperBrain!
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