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3 February, 19:28

What is the simple interest earned in a savings account that pays 5% interest if $500 is deposited for 4 years

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  1. 3 February, 21:37
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    I = PRT

    P = 500

    R = 5% = 0.05

    T = 4

    I = PRT

    I = (500) (0.05) (4)

    I = 100 < = = = so interest earned = $ 100
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