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
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 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 year Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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