A club deposited $50,000 in a savings account at the beginning of the year. Interest will be paid at a rate of 3% at the end of the year. How much interest will the club receive for the year.

Question

Alonso Singh

Mathematics

19 June, 15:42

A club deposited $50,000 in a savings account at the beginning of the year. Interest will be paid at a rate of 3% at the end of the year. How much interest will the club receive for the year.

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Answers (1)

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Faith Macias · Answer 1

0.03*50,000=1,500

Step-by-step explanation:

1) use the equation I=PRT, where Interest = principle*rate*tim

I=50,000*0.03*1

I=1,500

NOTE: principle is the amount of money you start off with: 50,000