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11-03-2020
Mathematics

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deposits \$700 into an account that pays simple interest at a rate of 6\% per year. How much interest will he be paid in the first 5 years?

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11-03-2020

Answer:

$210

Step-by-step explanation:

(I = A - P = $210.00)

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year.

Solving our equation:

A = 700(1 + (0.06 × 5)) = 910

A = $910.00

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