Find the simple interest earned on $500 after 5 years in a money market account paying 5%.
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Do you know that banks pay you to let them keep your money? The money you put in the bank is called the principal, P, and the bank pays you interest, I. The interest is computed as a certain percent of the principal; called the rate of interest, r. The rate of interest is usually expressed as a percent per year, and is calculated by using the decimal equivalent of the percent. The variable for time, t, represents the number of years the money is left in the account.
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