If you put $200 in a savings account that paid 5.5% simple interest each year, how much interest would you earn in five years?

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Chambers

Business

11 December, 20:32

If you put $200 in a savings account that paid 5.5% simple interest each year, how much interest would you earn in five years?

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Derick Watkins · Answer 1

Formula: Interest = Principal * rate * time. so, P=200 $, r = 5.5% or 5.5/100 = 0.055. t, is the time involved ... 5 years (s) time periods ... so is 5 ... year time periods ... to find the simple interest, we multiply 200*0.055*5=$ 55.00. to figure it out the new amount after 5 years it will be liked : $200.00 + $55.00=$255.00