Answer:
The interest earned is $96.60
Step-by-step explanation:
Since we are working the a simple interest problem, we will use the formula
,
Where P represents the principal, r represents the rate as a decimal, and t represents the time in years. First, we need to change the 4.6% into a decimal by dividing by 100:
From our given information and our decimal rate, we have:
Substituting these into our equation, we get:
We write that as $96.60 in context of the problem.
