Find the interest and amount for $200 for 1 year at 5% per annum.
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Answer:
A = $210.00
I = A - P = $10.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 5%/100 = 0.05 per year.
Solving our equation:
A = 200(1 + (0.05 × 1)) = 210
A = $210.00
The total amount accrued, principal plus interest, from simple interest on a principal of $200.00 at a rate of 5% per year for 1 years is $210.00.
Step-by-step explanation:
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