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Popular Word Problems >

Jenny deposits \$800 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first 2 years?

Solution

J e nn y d e p os i t s $800 in t o an a cco u n t t ha t p a ys s im pl e in t eres t a t a r a t e o f 5% p er ye a r . Ho w m u c h in t eres t w i ll s h e b e p ai d in t h e f i rs t 2 ye a rs ?

Solution

Interest : 80

Solution steps

Translate the problem into an equation:

I = 800 \cdot 0.05 \cdot 2

Simplify

I = 800 \cdot 0.05 \cdot 2

Interest : 80

Popular Examples

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