Question

Elena’s father put $460 into a savings account for her. The account pays 2.5% simple interest each year. If he neither adds nor withdraws money from the account, how much interest will the account earn after 4 years? Round to the nearest cent.

Answer 1

$46

Explanation:

So, the principal amount, P = $460

Yearly simple interest, R = 2.5% which equals 0.025

Time(T) which is 4 years.

The interest(I) for the amount, P at the rate of R yearly, after T years,

Elena's account will earn $46.

Answer 2

Answer:
$46
Explanation:
Give that Elena's father put $460 into a savings account.
So, the principal amount, P= $ 460
Yearly simple interest , R= 2.5% = 0.025
Time, t = 4 years.
The interest, I, for the principal amount, P, at the rate of R yearly, after t years,

By using the given values, we have

Hence, the account will earn $46.