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

Answers ( )

    0
    2021-08-18T04:01:08+00:00

    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

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