how much will you earn after five years?

label Algebra
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

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?

Oct 3rd, 2015

Thank you for the opportunity to help you with your question!

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

Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 17th, 2015

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