Question 5 of 9, Step 1 of 1
$4 / 9$
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What is the simple interest paid on $\$ 500$ at $4 \%$ for 2 years? Round your answer to the nearest cent.

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Final Answer: The simple interest paid on $500 at 4% for 2 years is $\boxed{40}$.

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Step 1 ：The formula for simple interest is I = PRT, where P is the principal amount, R is the rate of interest, and T is the time in years. In this case, P = $500, R = 4% = 0.04, and T = 2 years. So, we need to calculate I = 500 * 0.04 * 2.

Step 2 ：Substitute the values into the formula: I = 500 * 0.04 * 2

Step 3 ：Calculate the result: I = 40.0

Step 4 ：Final Answer: The simple interest paid on $500 at 4% for 2 years is $\boxed{40}$.

Question 5 of 9, Step 1 of 1$4 / 9$Correct What is the simple interest paid on $\$ 500$ at $4 \%$ for 2 years? Round your answer to the nearest cent. Answer

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Question 5 of 9, Step 1 of 1
$4 / 9$
Correct

What is the simple interest paid on $\$ 500$ at $4 \%$ for 2 years? Round your answer to the nearest cent.

Answer