Question
Principal $400 rate 5%, Time 1 year
Answers
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To calculate the simple interest earned on a principal of $400 at a rate of 5% for a period of 1 year, you can use the formula:
Simple Interest = (Principal x Rate x Time) / 100
Plugging in the given values, we get:
Simple Interest = (400 x 5 x 1) / 100
= 20
Therefore, the simple interest earned on a principal of $400 at a rate of 5% for a period of 1 year is $20.
Simple Interest = (Principal x Rate x Time) / 100
Plugging in the given values, we get:
Simple Interest = (400 x 5 x 1) / 100
= 20
Therefore, the simple interest earned on a principal of $400 at a rate of 5% for a period of 1 year is $20.