Question 1020027: Find the interest earned on an investment of $25000 at a rate of 4% for 10 years. Use the formula I = PRT.
Answer by Cromlix(4381)   (Show Source):
You can put this solution on YOUR website! Hi there,
Equation:
I = Prt
P = Principal - $25,000
r = rate - 4/100 = 0.04
t = time = 10 years
Calculation:
First, convert 4%/100 = 0.04 per year,
then, solving the equation
I = 25,000 × 0.04 × 10 = 10,000
I = $ 10,000
The simple interest accumulated
on a principal of $ 25,000.00
at a rate of 4% per year
for 10 years is $ $10,000
Hope this helps :-)
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