Question

Mr. Pham has 410,000 in a retirement account that earns 3.85% simple interest each year. Find the amount earned each year by this investment

Answer 1

`\bf ~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$410000\\ r=rate\to 3.85\%\to (3.85)/(100)\dotfill &0.0385\\ t=years\dotfill &1 \end{cases} \\\\\\ I=(410000)(0.0385)(1)\implies I=15785`