Calculate the interest earned on a savings account with $900.00 that is invested at 4% annual simple interest for 5 years?
I = PRT
I = 900 * 0.04 * 5
I = ?
i have the same question but with $800
and 5%
oh wait nvm i got it ty!
To calculate the interest earned on a savings account with a given principal, interest rate, and time period, we can use the formula for simple interest:
Interest = Principal × Interest rate × Time period
In this case, the principal is $900.00, the interest rate is 4%, and the time period is 5 years. Let's plug these values into the formula and calculate the interest earned:
Interest = $900.00 × 0.04 × 5 = $180.00
Therefore, the interest earned on a savings account with $900.00 invested at 4% annual simple interest for 5 years is $180.00.