Question

Charle deposits $4000 into an account that pays simple interest at a rate of 2% per yearHow much interest will he be paid in the first 6 years?

Answer 1

Answer:

TOTAL MONEY:4,480

INTEREST PAID:480

(there is a difference between them if you look closely)

Hope this helps :)

Answer 2

Answer:

A = $4,480.00

Step-by-step explanation:

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year.

Solving our equation:

A = 4000(1 + (0.02 × 6)) = 4480

A = $4,480.00