Question

Drew invests $4000 at 6% for 5 years. How much interest does Drew earn? Remember the formula for simple interest is I=prt.

Answer 1

Answer:

I = $1,200.00

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year,

then, solving our equation

I = 4000 × 0.06 × 5 = 1200

I = $1,200.00