Final answer:
The total interest Harry will earn after one year on his $6000 deposit with a 3.4% interest rate, use the formula I = P × r × t. The calculation gives an interest of $204 earned in one year.
Step-by-step explanation:
The question asks about the total amount of interest Harry will earn after one year by depositing $6000 in a savings account with an annual interest rate of 3.4%. To calculate the interest earned, you can use the formula I = P × r × t, where I is the interest, P is the principal amount (initial amount of money), r is the annual interest rate (expressed as a decimal), and t is the time in years.
Using this formula:
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- P = $6000 (initial deposit)
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- r = 3.4% per year = 0.034 (expressed as a decimal)
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- t = 1 year
We can calculate the interest as follows:
I = $6000 × 0.034 × 1 = $204
So, the total amount of interest Harry will earn after one year is $204.