Answer:
Simple interest = $5,160
Step-by-step explanation:
Given: Monty invested 8600 in a savings account with a yearly interest rate of 5% for 12 years.
Formula: [tex]I=PRT[/tex]
where, P is principle (P=8600)
R is rate of interest (R=0.05)
T is time period (T=5)
I is simple interest (I=?)
Therefore,
[tex]I=8600\times 0.05\times 5[/tex]
[tex]I=5160[/tex]
Hence, The simple interest in 12 years is $5,160
