## If I put $80 into an account offering 2% interest per year, how much interest would I earn in five years? Question If I put$80 into an account offering 2%
interest per year, how much interest would
I earn in five years?

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4 weeks 2021-08-18T03:59:50+00:00 1 Answers 0 views 0

## Answers ( )

1. Answer:

\$88

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

1. Brackets
2. Parenthesis
3. Exponents
4. Multiplication
5. Division
6. Addition
7. Subtraction
• Left to Right

Algebra I

Simple Interest Rate Formula: A = P(1 + rt)

• P is principle amount
• r is rate
• t is time

Step-by-step explanation:

Step 1: Define

Identify

P = 80

r = 2% = 0.02

t = 5

Step 2: Find Interest

1. Substitute in variables [Simple Interest Rate Formula]:                                 A = 80(1 + 0.02 · 5)
2. (Parenthesis) Multiply:                                                                                      A = 80(1 + 0.1)
3. (Parenthesis) Add:                                                                                            A = 80(1.1)
4. Multiply:                                                                                                             A = 88