Raic7315idn
Answered

Engage with knowledgeable experts and get accurate answers on IDNLearn.com. Our experts provide accurate and detailed responses to help you navigate any topic or issue with confidence.

What is the simple interest earned on an $4,350 investment for 5 years at a rate of 2%?

Sagot :

Melissa051908idn

Hey!

A = $4,785.00

I = A - P = $435.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year.

Solving our equation:

A = 4350(1 + (0.02 × 5)) = 4785

A = $4,785.00

The total amount accrued, principal plus interest, from simple interest on a principal of $4,350.00 at a rate of 2% per year for 5 years is $4,785.00.

--------------------------------------------------

Hope you have a great day and this helped in some way <33

We greatly appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Thanks for visiting IDNLearn.com. We’re dedicated to providing clear answers, so visit us again for more helpful information.