SOLUTION: Yoko deposits $2000 into an account that pays simple interest at a rate of 5% per year. how much interest will she be paid in the first 5 years?

SOLUTION: Yoko deposits $2000 into an account that pays simple interest at a rate of 5% per year. how much interest will she be paid in the first 5 years?

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Question 1184760: Yoko deposits $2000 into an account that pays simple interest at a rate of 5% per year. how much interest will she be paid in the first 5 years?
Answer by ikleyn(52777) (Show Source): You can put this solution on YOUR website!
.


The simple interest is


    I = P*r*t = 2000*0.05*5 = 500 dollars in the first 5 years.

Solved.

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