Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

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Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years.

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Thu Hương 4 years 2021-09-05T00:54:00+00:00 1 Answers 4 views 0

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  1. mit
    0
    2021-09-05T00:55:26+00:00
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    Answer:

    $2800.00

    Step-by-step explanation:

    A total accrued amount 800 = principal (P) $2000 + interest (I)

    R Rate of interest per year decimal – 0.08

    X Rate of interest per year percentage – 8%

    T time period months or years – 5 years

    Equation will be A = P (1 + RT)

    first convert X to R = percentage to decimal

    X = R/100 = 8%/100 = 0.08 per year

    Solving:

    A = 2000 (1 + (0.08 x 5)) = 2800

    A = $2800

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