Mia had 5000 In the bank. She keeps the money in the bank for 4 years at 5% interest. How much interest did she earn?

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asked Sep 4, 2023 210k views

1 Answer

Dannie · Answer 1 · 2023-09-10T11:28:33+0000

Simple interest formula:
Interest = P*R*N

P = principle amount
R = interest rate (in decimal)
N = number of time periods (in years)

Interest = 5000*0.05*4 = $1000

Mia had 5000 In the bank. She keeps the money in the bank for 4 years at 5% interest. How much interest did she earn?

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