Sophia.13
Find the total amount if you deposit $500 at a rate of 5% for two years using simple interest.



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nubeer
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Amount = Deposit *5%*years.

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

youarestupid
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551.25

youarestupid
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it is 551.25

youarestupid
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$

ghazi
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i thought it would be $550 i havent calculated yet but seems like that

youarestupid
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thank you

ghazi
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:D YW

Sophia.13
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Thanks guys.

youarestupid
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welcome

ghazi
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NP :)

TimSmit
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If it is calculated yearly then the first year gives 500*1.05 = 525$, the second year gives 525*1.05 = 551.25$

ghazi
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cool :)

TimSmit
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It might not be "simple interest", depends on what she means there :)

ghazi
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she wrote simple interest so i am not sure :)