SOLUTION: Joseph goes to a bank which gives a savings account at simple interest of 12% per year. He deposits an amount of $500. What will be the interest earned in $5 years?
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Question 1026714: Joseph goes to a bank which gives a savings account at simple interest of 12% per year. He deposits an amount of $500. What will be the interest earned in $5 years? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Joseph goes to a bank which gives a savings account at simple interest of 12% per year. He deposits an amount of $500. What will be the interest earned in 5 years?
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I = P*r*t
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Interest = 500*0.12*5 = 500*0.6 = $30.00
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Cheers,
Stan H.
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