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Deposit $400 into an account that pays simple interest at rate of 4% per year how much interest will she be paid in the first 6 years
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Deposit $400 into an account that pays simple interest at rate of 4% per year how much interest will she be paid in the first 6 years

User Peo Bondesson
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1 Answer

2 votes
Deposit = $400
Simple interest = 4%

Simple interest for one year = 4% of $400 = 0.04 x 400 = $16
Simple interest for 6 years = 16 x 6 = $96

Total interest for 6 years is $96
User Sallushan
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