Luke invested his money in the stock market worth ₱500,000 and earns about 5% yearly.How much will the interest be after 10 years?

Question

Luke invested his money in the stock market worth ₱500,000 and earns about 5% yearly.How much will the interest be after 10 years?
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Solution 1

To calculate the interest earned after 10 years, you can use the formula for simple interest which is I = PRT, where:

  • I is the interest
  • P is the principal amount (the initial amount of money)
  • R is the rate of interest per year
  • T is the time the money is invested for in years

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