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 38220: Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
The formula is I = PRT, Interest = principal x rate x time, so
I = $5000(.065)(1) = $325
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