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Chapter 3: Q. 3.39 (page 326)

Areli invested a principal of $950in her bank account with interest rate 3%. How much interest did she earn in 5years?

Short Answer

Expert verified

If Areli invested a principal of $950in her bank account with interest rate 3% then she will earn $142.5as simple interest in five years.

Step by step solution

01

Step 1. Given information   

principal P=$950

Interest rater=3%r=0.03

Timet=5

02

Step 2. Interest amount

Consider the amount of interest is I

Substitute principal, interest rate, and time in Simple interest formula

I=PrtI=9500.03(5)I=142.5

So the interest earned by areli is $142.5.

03

Step 3. Verification

With a time of 5years and interest rate of 3%, $142.5is the simple interest of the principal

I=Prt142.5=P0.03(5)142.5=P0.15142.50.15=P950=P

So $142.5is a simple interest of principal $950, interest rate3%, and time5years.

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