Question
Elijah invests $5,000 in a simple interest account yielding 3% annually, for 4 years. How much interest does Elijah's investment accruc after 4 years? 60.000.00 600.00 37.50 150.00
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Answer to a math question Elijah invests $5,000 in a simple interest account yielding 3% annually, for 4 years. How much interest does Elijah's investment accruc after 4 years? 60.000.00 600.00 37.50 150.00
Sigrid
4.5111 Answers
Simple interest is calculated using the formula:
I = P \times r \times t
Where:
P = 5000
r = 0.03
t = 4
Step-by-Step Solution:
1. Convert the percentage to a decimal:3\% = 0.03
2. Plug the values into the simple interest formula:
I = 5000 \times 0.03 \times 4
3. Calculate:
I = 5000 \times 0.12
I = 600.00
Answer:
$600
Where:
Step-by-Step Solution:
1. Convert the percentage to a decimal:
2. Plug the values into the simple interest formula:
3. Calculate:
Answer:
$600
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