Question

You deposit $572.34 in an account that pays 4.5% interest. How much interest do you earn after 6 years?

Answer 1

$154.53 step by step explanation

Answer 2

Answer: I = $ 154.53

Explanation:

First, converting R percent to r a decimal, r = R/100 = 4.5%/100 = 0.045 per year, then, solving our equation.

I = 572.34 × 0.045 × 6

I = 572.34 × 0.27

I = 154.5318

I ≈ $154.53

The simple interest accumulated on a principle of $572.34 at a rate of 4.5% per year, for 6 years is $154.53.

Hope this helps