Isaac deposits $1,500 in a savings account that earns 5% per year. How much interest will the money have earned at the end of 4

Question

damaskus [11]

2 years ago

11

Isaac deposits $1,500 in a savings account that earns 5% per year. How much interest will the money have earned at the end of 4

years?

Mathematics

1 answer:

Dmitry [639] · Answer 1 · 2022-08-12T13:36:56+03:00

Dmitry [639]2 years ago

5 0

Use the Simple Interest Formula, I = prt where I is the amount of interest, p is the principal (amount invested), r is the interest rate as a decimal, and t is the time in years. I = 1500(.05)(4) I = 300 Isaac's investment earns $300 interest.