AnnalyciaO70162 AnnalyciaO70162
  • 25-10-2022
  • Mathematics
contestada

Casey deposited $1,550 in a bank account that earned simple interest at an interest rate of 4%. How much interest, in dollars, was earned in 6 years?

Respuesta :

MyliahJ559841 MyliahJ559841
  • 25-10-2022

Answer:

$372

Explanation:

From the given problem, we have the following:

• The amount deposited, Principal = $1,550

,

• The interest rate, r = 4%

,

• Time = 6 years

To determine the amount of interest earned, at simple interest, we use the formula below:

[tex]$Simple\: Interest=\frac{Principal\times Rate\times Time}{100}$[/tex]

Substitute the given values:

[tex]\begin{gathered} Simple\:Interest=\frac{1550\times4\times6}{100} \\ =\$372 \end{gathered}[/tex]

The interest that was earned in 6 years is $372.

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