Question

How much interest is earned on a principal of $4.62 invested at an interest rate of 7% for two years

Answer 1

Answer:

$0.6568

Solution,

Principal (P)=$4.62

Rate(R)=7%

Time(T)=2 years

Interest (I)=?

Now,

Interest=P*T*R/100

= 4.62*7*2/100

=64.68/100

=$0.6468

Hope it helps

Good luck on your assignment

Answer 2

Answer:

$0.6468

Step-by-step explanation:

$principal(p) = 4.62 \\ rate(r) = 7 \\ time(t) = 2$

$simple \: \: \: \: = \frac{prt}{100} \\ interest \\ \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: = \frac{4.62 \times 7 \times 2}{100} \\ \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: \: = 0.6468$

Hope this helps

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