Winston deposited $3,294 in a bank account with interest rate 2.6%. How much interest was earned in 5 years?

Short Answer

Expert verified

The interest earned was $428.22.

Step by step solution

01

Step 1. Given information

Principal=$3294TimePeriod=5yearsRateofinterest=2.6%

02

Step 2. Calculation

P=3294T=5R=2.6%Therefore,SI=P×R×T100=5×2.6×3294100=$428.22

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