Question

you invested $5000 in a bank for 2 years at a 3% interest rate. What is the interest you have earned after this time​

Answer 1

Answer:

300 by simple intrest and 304.5 by compound interest

Step-by-step explanation:

if the interest is collected by compound interest,

then, the amount = 5000(1+3/100)²

amount= 5000×103/100×103/100

amount = 5304.5

intrest = 5304.5 -5000

intrest = 304.5

if the intrest is collected by simple intrest then,

intrest =5000×3×2/100

intrest= 300

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Answer 2

Answer:

Principal = 5000

Time = 2 yrs

Rate = 3%

SI =  P*R*T/100

= 5000*2*3/100

= 100*3

= 300 ANS.....