How much interest is earned on a principal of $316 invested at an interest rate of 9%
1 answer:
Answer:
$130.06
Step-by-step explanation:
Interest is calculated as shown;
I = A - P
A is the amount
P is the principal
Given
Principal = $316
Rate R = 9% = 0.09
Time t = 4yrs
Substiutte and get Amount A
A =P(1+r)^n
A = 316 (1+0.09)^4
A = 316(1.09)^4
A = 316(1.4116)
A = 446.06
Interest = 446.06 - 316
Interest = 130.06
Hence the interest is $130.06
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