Question

Hagrid deposited $4350 in a bank for five years at the simple interest rate of 0.65% how much interest will he earn ?how much money does he have at the end of five years

Answer 1

He will have $4491.38 after 5 years

Explanation:

Simple Interest = (Principal × rate × time)/100

SI = (4350 × 0.65 × 5)/100

SI = 141.375

Interest after 5 years = $141.38

The total money he will have after 5 years is

$4350 + $141.38

= $4491.38