SOLUTION: Today, you deposit $3,400 in a bank account that pays 5 percent simple interest. How much interest will you earn over the next 5 years?
Algebra.Com
Question 1129445: Today, you deposit $3,400 in a bank account that pays 5 percent simple interest. How much interest will you earn over the next 5 years?
Found 2 solutions by Boreal, Alan3354:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
P=Po(1+r)^n
P=3400(1.05)^5
P=$4339.36
Interest earned is $939.36
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Today, you deposit $3,400 in a bank account that pays 5 percent simple interest. How much interest will you earn over the next 5 years?
-------------
For simple interest, it's
$3400*0.05*5 = $850
RELATED QUESTIONS
You deposit $70 in a savings account that pays an annual interest rate
of 3%. How... (answered by checkley77)
you deposit $70 in a savings account that pays an annual interest rate of 3%. how much... (answered by solver91311)
You have $8000 you would like to deposit into an interest paying account. You find a... (answered by rfer,josmiceli)
how much money will you need to deposit to earn $75 in simple interest in 6 months if you (answered by checkley77)
you deposite $520 in a savings account that pays a simple interest of 3.25%.how much... (answered by rfer)
How much money will you need to deposit to earn 75$ in simple interest in 6months if your (answered by josmiceli)
if you deposit $150 in an account that earns simple interest.The annual interest rate is... (answered by josmiceli)
You deposit $400 a month into an account earning 5% interest compounded monthly.
How... (answered by Boreal)
You deposit $2100 in a savings account paying 5.5% simple interest.
How much interest... (answered by ewatrrr)