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solmaris [256]
2 years ago
10

Edward deposited $6,000 into a savings account 4 years ago. The simple interest rate is 3%. How much money did Edward earn in in

terest?
Mathematics
1 answer:
GaryK [48]2 years ago
6 0
Hello IdontKnowHowToMath,

first, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year.

Solving our equation:
A = 6000(1 + (0.03 × 4)) = 6720
A = $6,720.00

The total amount accrued, principal plus interest, from simple interest on a principal of $6,000.00 at a rate of 3% per year for 4 years is $6,720.00.
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