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08-10-2020
Mathematics

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You deposit $5,000 in an account that earns simple interest. After 6 months, the account earns $162.50 in interest. What is the annual interest rate? I=Prt

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08-10-2020

Answer:

$576

Step-by-step explanation:

Principal (P)= $2400

Rate (R) = 4%

Time (T) = 6 yrs

Interest (I)= ?

We know that,

I = (P* T*R)/100

=(2400*4*6)/100

= $576

therefore, the amount of interest earned is $576

Step-by-step explanation:

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