Answer:
You deposit $2800 into a bank account paying 1.2% simple interest per year. You left the money in for 5 years. How much interest do you get at the end of those 5 years?
Result
The interest is $168.
Explanation
Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.
In this examplee P = $2800, i = 1.2% and t = 5 years, so
III=P⋅i⋅t=2800⋅0.012⋅5=168
Step-by-step explanation:
