Keisha deposits $500 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in t
1 answer:
Answer:
$40
Step-by-step explanation:
You are going to want to use the simple interest formula for this.
<em>I = interest amount </em>
<em>P = principal amount </em>
<em>r = interest rate (decimal form) </em>
<em>t = time</em>
<em />
First, change 2% into its decimal form:
2% -> -> 0.02
Next, plug in the values into the equation as shown below:
Keisha earned $40 worth of interest after the first 4 years.
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