Motherdeposited $30 000.00 at a bank for 5 years at a rate of 5% per annum. How much interest will she collect at the end of the 5 years?

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selenabenn185 selenabenn185

14-09-2022
Mathematics

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Motherdeposited $30 000.00 at a bank for 5 years at a rate of 5% per annum. How much interest will she collect at the end of the 5 years?

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jdoe0001 jdoe0001 · Answer 1 · 2022-09-14T02:23:29+02:00

jdoe0001 jdoe0001

14-09-2022

[tex]~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$30000\\ r=rate\to 5\%\to \frac{5}{100}\dotfill &0.05\\ t=years\dotfill &5 \end{cases} \\\\\\ I = (30000)(0.05)(5) \implies I = 7500[/tex]

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Motherdeposited $30 000.00 at a bank for 5 years at a rate of 5% per annum. How much interest will she collect at the end of the 5 years?​

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Motherdeposited $30 000.00 at a bank for 5 years at a rate of 5% per annum. How much interest will she collect at the end of the 5 years?