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 is $76,000 in this case.
- Rate is the annual interest rate, which is 5.6% or 0.056 in decimal form.
- Time is the number of years the money is invested for, which is 5 years in this case.

So, the interest earned would be:

Interest = $76,000 x 0.056 x 5 = $21,280

Therefore, the simple interest earned on the investment over the 5-year period would be $21,280.

Question

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 is $76,000 in this case.
- Rate is the annual interest rate, which is 5.6% or 0.056 in decimal form.
- Time is the number of years the money is invested for, which is 5 years in this case.

So, the interest earned would be:

Interest = $76,000 x 0.056 x 5 = $21,280

Therefore, the simple interest earned on the investment over the 5-year period would be $21,280.

Knowee AI · Accepted Answer

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 is $76,000 in this case.
- Rate is the annual interest rate, which is 5.6% or 0.056 in decimal form.
- Time is the number of years the money is invested for, which is 5 years in this case.

So, the interest earned would be:

Interest = $76,000 x 0.056 x 5 = $21,280

Therefore, the simple interest earned on the investment over the 5-year period would be $21,280.

If you invest $76 000 into a term deposit that offers a fixed interest rate of 5.6% p.a. for a period of 5 years, how much simple interest will be earned?

Question

If you invest $76,000 into a term deposit that offers a fixed interest rate of 5.6% p.a. for a period of 5 years, how much simple interest will be earned?

Solution

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