Question

Chelsea deposits $600.00 into a bank account and is earning 8.5%simple interest. She decides to keep the account for 4 years. a) How much interest would the account have made after the 4 years?

Answer 1

$204 in interest

Explanation:

Plug in each variable into the simple interest formula: I = PRT

P = $600

R = 8.5% (0.085)

T = 4 years