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
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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