A tax accountant invested 25000 in a money market account for 3 years. The account earned 5% simple interest. How much interest did the accountant make on his investment?
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28,750
- 25,000
= 3,750 interest gained
- 25,000
= 3,750 interest gained
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5% simple interest per year? or total. you gotta include that. but ill do both just to check.
100% is complete. so add the 5% to the 100.
105% of 25000: move the decimal over two places ==> now its 1.05 x 25000. simple math
26250. if its 5% total, then this is your answer. however, if it was 5% per year, you need to add the 5% two more times.
5% of 25000 is 1250. 1250 x 3 is 3750.
25000+3750 is 28750. so, if its 5% per year, your answer is 28750.
your welcome
100% is complete. so add the 5% to the 100.
105% of 25000: move the decimal over two places ==> now its 1.05 x 25000. simple math
26250. if its 5% total, then this is your answer. however, if it was 5% per year, you need to add the 5% two more times.
5% of 25000 is 1250. 1250 x 3 is 3750.
25000+3750 is 28750. so, if its 5% per year, your answer is 28750.
your welcome