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nlexa [21]
3 years ago
12

When Sarah invests $4,000 in a money market account she receives 1.4% simple interest annually. If she doesn't add or subtract a

ny money how much interest will she earn after 4 years?
Mathematics
2 answers:
OlgaM077 [116]3 years ago
6 0

Answer:

$224

Step-by-step explanation:

We have been Sarah invests $4,000 in a money market account she receives 1.4% simple interest annually. We are asked to find the amount of interest Sarah will get after 4 years.

We will use simple interest formula to solve our given problem.

I=Prt, where,

I = Amount of interest after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

First of all, we will convert our given interest rate in decimal form:

1.4\%=\frac{1.4}{100}=0.014

Upon substituting our given values in simple interest formula, we will get:

I=\$4,000\cdot 0.014\cdot 4

I=\$224

Therefore, Sarah will get an amount of $224 in interest after 4 years.

jekas [21]3 years ago
4 0

Let's use the formula for simple interest: i = p*r*t, where p is the principal amount, r is the interest rate as a decimal fraction, and t is the number of years.


Filling in the given info: i = $4000*0.014*4 = $224.


She will have accumulated $224 in interest over those 4 years.


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