If you deposit $800 in a savings account that earns a simple interest rate of 1.5% per year. How much will you earn after five years?
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Interest = principal amount * interest rate * time (years)
I = P * I * T
principal amount = $800
interest rate = 1.5% per annum
time = 5 years
I = $800 * 1.5/100 * 5
Interest = 50
Amount after five years ;
Add the original amount to the interest obtained
that is , $800+50 = $850
Hence amount earned after five years is = $850
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