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A person invests $1,000 at an interest rate of 5% per annum. How much interest w
A person invests $1,000 at an interest rate of 5% per annum. How much interest will he earn in one year?
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Q1
A person invests $1,000 at an interest rate of 5% per annum. How much interest will he earn in one year?
$40
$50
$60
$70
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Interest = 5% of 1,000 = 50.
Questions & Step-by-step Solutions
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Q
Q: A person invests $1,000 at an interest rate of 5% per annum. How much interest will he earn in one year?
Solution:
Interest = 5% of 1,000 = 50.
Steps: 6
Show Steps
Step 1: Understand that the person is investing $1,000.
Step 2: Know that the interest rate is 5% per year.
Step 3: Convert the percentage to a decimal by dividing by 100. So, 5% becomes 0.05.
Step 4: Multiply the amount invested ($1,000) by the decimal interest rate (0.05).
Step 5: Calculate $1,000 * 0.05, which equals $50.
Step 6: Conclude that the interest earned in one year is $50.
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