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Ruiz invests 55 at a simple interest rate of 4 percent How much interest will he earn after 5 years?
Wiki User
∙ 14y ago
Use the equation I= Prt P= Principal amount(starting)
r= Rate as a decimal
t=time
I = (55)(0.04)(5)
= 11
Therefore, he will earn $11 in interest after 5 years.
Wiki User
∙ 14y ago
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