Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest.

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Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest.

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Amount = Deposit *5%*years.
\[SI =\frac{ P*R*T }{ 100 }\] where P--> principle amount =$500 R--> rate of interest =5% T=2 years now plug in the values and get your result
551.25

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Other answers:

it is 551.25
$
i thought it would be $550 i havent calculated yet but seems like that
thank you
:D YW
Thanks guys.
welcome
NP :)
If it is calculated yearly then the first year gives 500*1.05 = 525$, the second year gives 525*1.05 = 551.25$
cool :)
It might not be "simple interest", depends on what she means there :)
she wrote simple interest so i am not sure :)

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