Question

evan deposited $6000 into a savings account 4 years ago.The simple interest rate I'd 4%.how much money dud evan earn in interest?what would be the account earn in 10 years

Answer 1

In order to find the interest generated, we can use the formula:

`I=P\cdot i\cdot t`

Where I is the interest, P is the principal, i is the interest rate and t is the time.

So, using P = 6000, i = 0.04 = t = 4, we have:

`I=6000\cdot0.04\cdot4=960`

So the interest generated in 4 years is $960.

Now, for t = 10, we have:

`I=6000\cdot0.04\cdot10=2400`

So the interest generated in 10 years is $2400.