Question

Julia invested $4,000.00 in a mutual fund with the simple interest rate of 3.5% per year. How much interest would she earn after 2 years

Answer 1

Multiply the intrest rate per year by 2 then subtract that number from 4,000. You will get the answer of $3.93 after 2 years.

Answer 2

Answer: 280$

Step-by-step explanation: Using the I=prt method.

P=Amount Borrowed or Invested

R=Interest Rate

T= Years

P=$4000.00

R=%3.5>>0.035

T=2 years

4000*0.035*2=280

$280