How do you do this problem: Find the simple interest when $6,000 is deposited at an interest rate of 3% for 4 years.
1 answer:
Answer:
The simple interest is $720.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem, we have that:
So
The simple interest is $720.
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Answer:
y = 4
Step-by-step explanation:
For an exponential function in standard form
y = a
To find the values of a and b, use ordered pairs from the table
Using (0, 4 ), then
4 = a (
= 1 ), so
a = 4
y = 4
Using (1, 8 ), then
8 = 4 = 4b ( divide both sides by 4 )
2 = b
Thus
y = 4 ← exponential function