Question

Terrence deposited $5,720 in a bank account with an annual interest rate of 6%. How much interest was earned in 4 years?

Answer 1

Explanation:

This is a simple Interest problem, where I = prt.

I is the interest earned;

r is the interest rate in decimal form;

p is the initial deposit; and

t is the time in years.

I = 5720(.06)(4) so

I = $1372.80