Question

16. Calculate the interest earned on a savings account with $800.00 that is invested at 5% annual simple interest for 5 years. (1 point)

Answer 1

i think the anser is 200$

Answer 2

Am i right?

Answer 3

yes

Answer 4

sad

Answer 5

[AI-generated answer — Explain Bot]

To calculate the interest earned on a savings account with $800.00 invested at 5% annual simple interest for 5 years, you need to use the formula for simple interest:

Simple Interest = Principal (P) × Rate (R) × Time (T)

In this case:
Principal (P) = $800.00
Rate (R) = 5% or 0.05 (decimal form)
Time (T) = 5 years

To calculate the interest earned, substitute these values into the formula:

Simple Interest = $800.00 × 0.05 × 5
= $800.00 × 0.25
= $200.00

Therefore, the interest earned on the savings account is $200.00.