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9 September, 08:44

find the simple interest earned in asavings account that pays 5% interest if $500 is deposited for 4 years.

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  1. 9 September, 09:13
    0
    416.67

    Step-by-step explanation:

    P = $416.67

    Equation:

    P = A / (1 + rt)

    Calculation:

    First, converting R percent to r a decimal

    r = R/100 = 5%/100 = 0.05 per year.

    Solving our equation:

    P = 500 / (1 + (0.05 * 4)) = 416.66666666667

    P = $416.67

    The principal investment required to get a total amount, principal plus interest, of $500.00 from simple interest at a rate of 5% per year for 4 years is $416.67.

    ~

    you were missing the initial amount started with so i assumed you needed the Principal. sorry if it's wrong it's been a minute since i did this also i went online and used a Simple Interest Calculator bc i am lazy
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