Answer:
do you have answer choices ? but im guessing 6%
Step-by-step explanation:
my answer is 26
You want to calculate the interest on $5000 at 5% interest per year after 26 year(s).
The formula we'll use for this is the simple interest formula, or:
Where:
P is the principal amount, $5000.00.
r is the interest rate, 5% per year, or in decimal form, 5/100=0.05.
t is the time involved, 26....year(s) time periods.
So, t is 26....year time periods.
To find the simple interest, we multiply 5000 × 0.05 × 26 to get that:
The interest is: $6500.00
Usually now, the interest is added onto the principal to figure some new amount after 26 year(s),
or 5000.00 + 6500.00 = 11500.00.
