Zach puts $1000 in a savings account earning 5% simple interest for five years how much interest has he earned at the end of the five years

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01-05-2021
Mathematics

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Zach puts $1000 in a savings account earning 5% simple interest for five years how much interest has he earned at the end of the five years

Sagot :

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Help a lad out pls !

debmc7 debmc7 · Answer 1 · 2021-05-01T10:10:06-04:00

debmc7 debmc7

01-05-2021

Answer:

$250

Step-by-step explanation:

The formula for simple interest is I = PRT, where I= interest earned or paid, P = principal deposited or borrowed, R = interest rate as a decimal, and T = time in years.

I = PRT

I = (1000)(0.05)(5)

I = 250

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Zach puts $1000 in a savings account earning 5% simple interest for five years how much interest has he earned at the end of the five years

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