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Popular Word Problems >

Shelia deposited 800 into an account that earned 3% simple interest. She did not make any other deposits or withdrawals. After 5 years, how much interest did Sheila earn?

Solution

S h e l ia d e p os i t e d 800 in t o an a cco u n t t ha t e a r n e d 3% s im pl e in t eres t . S h e d i d n o t mak e an y o t h er d e p os i t s or w i t h d r a w a l s . A f t er 5 ye a rs, h o w m u c h in t eres t d i d S h e i l a e a r n ?

Solution

Interest : 120

Solution steps

Translate the problem into an equation:

I = 800 \cdot 0.03 \cdot 5

Simplify

I = 800 \cdot 0.03 \cdot 5

Interest : 120

Popular Examples

600 is 5/9 of what number Suppose you won a 50,000 in a lottery and put the money in an account that earns 5% annual interest compounded continuously. How much will you have in the account after 12 years?Jason had 3,240 in a savings account with simple interest. He had opened the account with 3,000 exactly 1 year earlier. What was the interest rate?the difference of a number and 15 is less than-32 8 less than the quotient of a number and 2 is 12.