Question

Liv depostited $3,500 acc 2 yrs the simple rate is 4% how muchdid she earn in 10 yrs

Answer 1

Liv deposited $3,500 at a simple interest rate of 4% for 10 years. Using the formula I = Prt, where P is the principal, r is the rate, and t is time, Liv earned an interest of $1,400 over 10 years.

Step-by-step explanation:

To calculate the amount of money Liv earned from a deposit in an account with simple interest over 10 years, we can use the simple interest formula:

I = Prt

Where:

• I is the interest
• P is the principal amount (initial amount of money)
• r is the interest rate per period (in decimal form)
• t is the time the money is deposited for (in years)

In Liv's case, P = $3,500, r = 4% or 0.04 as a decimal, and t = 10 years.

Now, we calculate the interest:

I = 3500 × 0.04 × 10 = $1,400

So, over 10 years, Liv would have earned $1,400 in simple interest on her deposit of $3,500.