If you put $200 in a savings account that paid 5.5% simple interest each year, how much interest would you earn in five years?

formula: Interest =Principal ×rate× time. so, P=200 $, r= 5.5% or 5.5/100 =0.055. t,is the time involved ......5 years (s) time periods....so is 5 .....year time periods..... to find the simple interest ,we multiply 200×0.055×5=$ 55.00. to figure it out the new amount after 5 years it will be liked : $200.00 +$55.00=$255.00

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ayokenny2001 ayokenny2001 · Answer 2 · 2022-05-12T11:06:52+02:00

It will yield $255 interest in five years If you put $200 in a savings account that paid 5.5% simple interest each year.

What is simple interest?

Simple interest is interest calculated on the principal portion of a loan or the original contribution to a savings account.

The formula for simple interest

= P * R * T / 100

Given that :

P

= $200

r

= 5.5%

t

= 5 years

Then, SI

= 200 × 0.055 × 5

= $55

The new amount after 5 years

= $55 + $200

= $255

Hence, It will yield $255 interest in five years If you put $200 in a savings account that paid 5.5% simple interest each year.

Learn more about simple interest here : https://brainly.com/question/25793394

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