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How much interest does a $407 investment earn at 6% over seven years?
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5 votes
How much interest does a $407 investment earn at 6% over seven years?

User Machine Tribe
by
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1 Answer

2 votes

Answer:

$170.94

Step-by-step explanation:

interest is calculate using the formula

I= p x r x t

where p = principle amount: $407

r = interest rate: 6% or 0.06

t= time: 7 year

I= $407 x 0.06 x 7

I= $24.42 x 7

I= $170.94

User Michy
by
4.5k points
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