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Monty invested $8600 in a savings account with a yearly interest rate of 5% for 12 years. How much simple interest did he earn?

Monty invested $8600 in a savings account with a yearly interest rate of 5% for 12 years. How much simple interest did he earn?
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1 vote
Monty invested $8600 in a savings account with a yearly interest rate of 5% for 12 years. How much simple interest did he earn?

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User Theengineear
by
7.8k points

2 Answers

5 votes
5% of 8600 is 430 so he makes $430 every year
he makes $5,160 in 12 years
answered
User Jeff Walters
by
8.4k points
4 votes
SI=P*R*T
=8600*0.05*12
=5160

hope this helps!!
answered
User Fogedi
by
8.0k points
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