Answer:
Interest earned after 5 years is $1100.
Step-by-step explanation:
We know that,
@@MATH_TOKEN_0@@
where,
i = interest
P = principal = $5500
r = rate of interest = 4%
t = time period = 5 years
Putting the values,
\(i=\dfrac{5500\times 4\times 5}{100}\)
\(=\dfrac{110000}{100}\)
\(=\$1100\)
Therefore, the interest earned after 5 years is $1100.
