Answer to Question #265378 in Financial Math for sumu

Question #265378

Find the simple interest of $1000

(a) at 5% per annum for one year

Expert's answer

Simple interest= Principle*Rate*Time

SI= P*R*T

=1000*5/100*1

1000*0.05*1

=50

Thus ,1000+50

= $1050

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