Question

Marco deposited $500 in a savings account earning 4% interest over 5 years.

What was the total amount if interest earned at the end of 5 years?

Answer 1

Is this a simple interest problem ?

Answer 2

if it is, then we use this formula : I = PRT (Interest = principle x rate x time)
I = PRT
I = (500)(.04)(5)
I = 100
Interest is $ 100

Answer 3

yes @kelliegirl33

Answer 4

@kelliegirl33 is correct

Answer 5

confirmation is always good :) thanks goformit