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3 January, 04:19

Jason deposited $280 into a bank account paying 2.5% simple annual interest. At this simple interest rate, about how much would it be the interest after five years?

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  1. 3 January, 05:41
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    Jason will have earned $35 in simple interest.

    Step-by-step explanation:

    Simple interest = Principal * rate * time

    S. I = P * r * t

    Principal = the amount deposited = $280

    rate = 2.5%

    time = 5 years

    S. I = 280 * 2.5% * 5

    S. I = 7*5

    S. I = $35

    Therefore, in 5 years, Jason will have earned $35 in simple interest.
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