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?
1 answer:
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.
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