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A man invests $5000 at an interest rate of 5% per annum. How much interest will he earn in 3 years?

Practice Questions

1 question
Q1
A man invests $5000 at an interest rate of 5% per annum. How much interest will he earn in 3 years?
  1. $750
  2. $500
  3. $150
  4. $300

Questions & Step-by-step Solutions

1 item
Q
Q: A man invests $5000 at an interest rate of 5% per annum. How much interest will he earn in 3 years?
Solution: Interest = Principal × Rate × Time = $5000 × 0.05 × 3 = $750.
Steps: 0

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