Mary had $220 in her Christmas Club Account which earned 4% APR simple interest for the year. Calculate the amount of interest w

Question

2 years ago

6

hich she earned after 6 years.

1 answer:

Romashka-Z-Leto [24] · Answer 1 · 2022-09-01T18:08:30+03:00

3 0

Since we know that $\text{Simple interest}=\frac{PRT}{100}$ , where P is principle amount, R is interest rate and T is time.

Now let us substitute our given information in simple interest formula.

$\text{Simple interest}=\frac{220\cdot4\cdot6}{100}$

$\text{Simple interest}=\frac{5280}{100}$

$\text{Simple interest}=52.80$

Therefore, Mary will earn $52.80 after 6 years.