On a deposit of 2,800 at a simple interest rate of 1.2%,how much interest will you earn after 5 year?

You deposit $2800 into a bank account paying 1.2% simple interest per year. You left the money in for 5 years. How much interest do you get at the end of those 5 years?

Result

The interest is $168.

Explanation

Find an interest by using the formula I=P⋅i⋅t, where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

In this examplee P = $2800, i = 1.2% and t = 5 years, so

III=P⋅i⋅t=2800⋅0.012⋅5=168

Step-by-step explanation:

we have three similar triangles, because each has a right angle and shares an angle.   let's write the angles in order: opposite to short leg, long leg, hypotenuse.

cab similar to bad similar to cbd

or as ratios,

ca: ab: cb = ba: ad: bd = cb: bd: cd

we also know

ac = ad + cd

(ad+cd): ab: cb = ba: ad: bd = cb: bd: cd

(ad+cd)/cb=cb/cd

we have cb=6, ad=5 and seek x=cd.

we reject the negative root and conclude x=4

answer: 4