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8 May, 20:59

Find simple interest on $5,523 principal deposited for seven years at a rate of 4.99%

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  1. 8 May, 21:03
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    I=PRT

    I=interest

    P=initial amount

    R=rate in decimal

    T=time in years

    given

    P=5523

    R=4.99%=0.0499

    T=7

    I = (5523) (0.0499) (7)

    I=1929.1839

    round

    $1929.18 interest earned
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