SOLUTION: 20. Business and finance. Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%? Solve each of the following applications.

Algebra ->  Linear-equations -> SOLUTION: 20. Business and finance. Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%? Solve each of the following applications.      Log On


   

Question 78719: 20. Business and finance. Paul invested $5000 in a time deposit. What interest will he earn for 1 year if the interest rate is 6.5%?
Solve each of the following applications.
Answer by tutor_paul(519) About Me  (Show Source):
You can put this solution on YOUR website!
Assuming no compounding, the interest earned in a year is simply
%245000%2A.065=%24325
Good Luck
tutor_paul@yahoo.com