Ravi deposits $600 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the

Question

GaryK [48]

4 years ago

9

Ravi deposits $600 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the

first 6 years?

Mathematics

1 answer:

tamaranim1 [39] · Answer 1 · 2022-02-09T08:13:49+03:00

tamaranim1 [39]4 years ago

4 0

Just find the interest paid after one year, and then multiply the result by 6 (years). This gives you the amount of simple interest.

The easiest approach would be to use the formula i = p r t. In this case p = $600, r = 0.04, and t = 6 years.