sanchezfm1
Answered

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100 points
Any st upid answers will get reported and deleted so genuinely answer

1. Imagine you receive a graduation gift of $5,000 from a wealthy uncle with a letter
that encourages you to save the money for your old age. Also imagine that you are
able to average 9% interest on the principal.

a. How much (simple) interest will you receive on your savings after one year?

Sagot :

mathstudent55

Answer:

$4,500

Step-by-step explanation:

For simple interest,

I = prt,

where

I = interest

p = principal

r = annual interest rate

t = number of years

We have p = $5,000, r = 9% = 0.09; t = 1 year

I = $5,000 × 0.09 × 1

I = $450

mhanifa

Answer:

  • $450

Step-by-step explanation:

Given:

  • Principal P = $5000
  • Interest rate r = 9% simple
  • Time t = 1 year

Interest amount:

  • I = Prt/100
  • I = 5000*9*1/100 = 450
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