Answer :
In this case, we'll have to carry out several steps to find the solution.
Step 01:
Data
principal = $500
rate = 4%
time = 5 years
interest = ?
Step 02:
simple interest
I = P * r * t
= $500 * 0.04 * 5 years
= $100
The answer is:
In this case, we'll have to carry out several steps to find the solution.
Step 01:
Data
principal = $500
rate = 4%
time = 5 years
interest = ?
Step 02:
simple interest
I = P * r * t
= $500 * 0.04 * 5 years
= $100
The answer is: