Can you calculate the interest earned by Mr. Smith at the end when - ProProfs Discuss
Menu
SearchAsk a Question+ Ask Question
Advertisement
  1. Subject
  2. Math

Can you calculate the interest earned by Mr. Smith at the end when he deposited $40, 000 in a bank and earned simple interest at 7% per annum for two years?

Can you calculate the interest earned by Mr. Smith at the end when he deposited $40, 000 in a bank and earned simple interest at 7% per annum for two years?<br/>

Change Image    Delete

Asked by Rugeokin, Last updated: Jan 12, 2025

+ Answer
Request
Share
Question menu
Vote up Vote down

3 Answers

bcjarvis

bcjarvis

bcjarvis
Bcjarvis

Answered Dec 05, 2017

To find simple interest, use this formula:

I=PRT

I=40000. x 07 x 2 = 5600

upvote downvote
Reply 

John Adney

John Adney

John Adney
John Adney

Answered Dec 05, 2017

To calculate simple interest, use the given formula:

I = P*R*T/100

I=40000.*.07*2=5600.

upvote downvote
Reply 

John Smith

John Smith

John Smith
John Smith

Answered Jul 05, 2017

$5600

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

More Math Questions

Ask Your Own Question

Can You Answer

Advertisement
Advertisement
Search for Google images Google Image Icon
Select a recommended image
Upload from your computer Loader
CancelLoader
Image Preview
Search for Google images Google Image Icon
Select a recommended image
Upload from your computer Loader
CancelLoader
Image Preview
Search for Google images Google Image Icon
Select a recommended image
Upload from your computer Loader
CancelLoader

Email Sent
We have sent an email to your address "" with instructions to reset your password.