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1 April, 10:29

Calculate simple interest earned on a deposit of $500 at a rate of 5% for 5 years.

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Answers (2)
  1. 1 April, 11:36
    0
    A = $625.00

    (I = A - P = $125.00)

    Equation:

    A = P (1 + rt)
  2. 1 April, 12:16
    0
    Answer: $125

    Step-by-step explanation: The formula for simply interest = P x R x T where P equals the principle, R equals the rate in decimal format and T equals time in the number of years.

    Your formula for this problem is: $500 x. 05 x 5 = $125. Therefore, you would earn $125 in interest over five years.
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