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15 April, 14:44

On a deposit of $50 at a simple interest rate of 9%, how much interest will you earn after 12 vears?

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  1. 15 April, 16:57
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    Answer: Interest after 12years is $54

    Step-by-step explanation:

    Simple interest (I) is calculated by Principal x Rate x Time

    From the question given, Principal = $50; Rate = 9% = 9/100 = 0.09

    Time = 12years

    Slot the values into the formula

    I = $50 x 0.09 x 12

    I = $54

    I hope this is clear, do have a great day!
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