Question

How much interest is earned on a principal of $671.37 invested at an interest rate

Answer 1

Answer:

$26.8548

Step-by-step explanation:

Answer 2

ANSWER:

The interest earned on a principle of $671.37 at an interest rate of 4% for four years is $ 107.42.

SOLUTION:

Given, p = $671.37, R = 4%, t = 4.

We need to find the simple interest for the above given values of amount, rate and years.

We know that

$Simple Interest =\left(\frac{p \times r \times t}{100}\right)$

where, p = principal amount ; r = rate of interest ; t = number of years

By substituting the values we get,

$=\left(\frac{671.37 \times 4 \times 4}{100}\right) \\\\ =\left(\frac{2685.48 \times 4}{100}\right) \\\\ =\left(\frac{2685.48}{25}\right) =107.4192$

Simple interest is $ 107.42 approximately.

Hence, the interest earned on a principle of $671.37 at an interest rate of 4% for four years is $ 107.42.