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  • 03-01-2018
  • Mathematics
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Find the simple interest in a savings that pays 5% interest if 500$ is deposited for 4 years

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  • 03-01-2018

Where:   I= P*r*t


P is the principal amount, $500.00.
r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.
t is the time involved, 4....year(s) time periods.
So, t is 4....year time periods.

To find the simple interest, we multiply 500 × 0.05 × 4 to get that:

The interest is: $100.00
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