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Yolanda deposits $3000 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 6 years? ​
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Yolanda deposits $3000 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 6 years?

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User Yaroslav Basovskyy
by
5.1k points

1 Answer

2 votes

Answer:

$3,795.96

Explanation:

Base amount: $3,000.00

Interest Rate: 4% (yearly)

Effective Annual Rate: 4%

Calculation period: 6 years

Yolanda deposits $3000 into an account that pays simple interest at a rate of 4% per-example-1
User Ibrabeicker
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5.9k points
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