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What is the final interest earned by Mr. Smith if he deposits $ 40,000 in a bank at 7% p.a. for two years?

What is the final interest earned by Mr. Smith if he deposits $ 40,000 in a bank at 7% p.a. for two years?<br/>

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Asked by Gauri, Last updated: Dec 18, 2024

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4 Answers

John Adney

John Adney

John Adney
John Adney

Answered Apr 14, 2017

The answer to this question is $5,600
​P.R.T= 40000*0.7*2= 5,600
​
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Gauri4371

Gauri

Gauri4371
Gauri

Answered Mar 26, 2017

The answer of this question is $5600
Wih respect to its formulae - P*R*T/100
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yvonne21

yvonne

yvonne21
Yvonne

Answered Feb 17, 2017

The interest is 5600

The formula is I = Prt where P = $40 000, r = 7% and t = 2 years
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John Smith

John Smith

John Smith
John Smith

Answered Dec 16, 2016

$5600

Interest is PRT/100, 40000 X 7 X 2 /100 = 5600
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