22vtinoco 22vtinoco

25-06-2021
Mathematics

contestada

If I put $80 into an account offering 2%
interest per year, how much interest would
I earn in five years?

Respuesta :

25-06-2021

Answer:

$88

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

Brackets
Parenthesis
Exponents
Multiplication
Division
Addition
Subtraction

Left to Right

Algebra I

Simple Interest Rate Formula: A = P(1 + rt)

P is principle amount
r is rate
t is time

Step-by-step explanation:

Step 1: Define

Identify

P = 80

r = 2% = 0.02

t = 5

Step 2: Find Interest

Substitute in variables [Simple Interest Rate Formula]: A = 80(1 + 0.02 · 5)
(Parenthesis) Multiply: A = 80(1 + 0.1)
(Parenthesis) Add: A = 80(1.1)
Multiply: A = 88

Answer Link

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