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Today, you deposit $3,400 in a bank account which pays 4.5 percent simple interest. how much interest will you earn over the next 5 years?

Today, you deposit $3,400 in a bank account which pays 4.5 percent simple interest. how much interest will you earn over the next 5 years?
asked 64.9k views
4 votes
Today, you deposit $3,400 in a bank account which pays 4.5 percent simple interest. how much interest will you earn over the next 5 years?

asked
User RabidFire
by
8.4k points

1 Answer

5 votes
Interest = P x R x T
Interest = $3,400 x .045 x 5
Interest = $765
answered
User Somedirection
by
8.2k points
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