[tex]Interest=Principal*Rate*Time[/tex]
In the question the principal is 50,500, the rate is 5.7% and the time is 1 year.
We put the values in the equation and:
[tex]Interest=50500* \frac{5.7}{100} *1 \\ =50500* \frac{57}{1000} \\ =50.5*57 \\ 2878.5[/tex]
The rate 5.7 % can be expressed as 5.7/100
Therefore the interest the deposit earns in a year is P2878.5
