Question

Scott deposits $5000 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 5 years?

Answer 1

500 is ur answer

Explanation:

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Answer 2

$500

Explanation:

To calculate the interest paid in the first 5 years, you can use the formula for simple interest: I = Prt, where I is the interest, P is the principal (the original amount of the deposit), r is the interest rate (expressed as a decimal), and t is the time (in years).

In this case:

I = P * r * t

I = 5000 * 0.02 * 5

I = 5000 * 0.1

I = $500

So Scott will be paid $500 in interest over the first 5 years.