how much simple interest would you earn for 5 years at 7% with a beginning principal of 8,000.000?
I = PRT
I = 8,000,000 * 0.07 * 5
To calculate the simple interest earned, you can use the formula:
Simple Interest = Principal * Rate * Time
Where:
Principal = $8,000.000 (beginning principal)
Rate = 7% (interest rate)
Time = 5 years
Let's plug in the values and calculate the simple interest:
Simple Interest = $8,000.000 * 0.07 * 5
To perform the calculations, multiply the principal by the rate, and then multiply the result by the time:
Simple Interest = $8,000.000 * 0.07 * 5 = $2,800.000
Therefore, for a 5-year period at a 7% interest rate, with a beginning principal of $8,000.000, you would earn $2,800.000 in simple interest.