If you invest $5,000 at an annual simple interest rate of 4%, how much interest will you earn in 3 years?
Question
If you invest $5,000 at an annual simple interest rate of 4%, how much interest will you earn in 3 years?
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Solution 1
To calculate the simple interest, you can use the formula:
Interest = Principal x Rate x Time
where:
- Principal is the initial amount of money that was invested, which in this case is $5,000.
- Rate is the annual interest rate, which in this case is 4% or 0.04 when expressed as a decimal.
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