Chris invests $18,000 into an account at an annual rate of 0.4% simple interest for 12 months. 5) Calculate the simple interest

Question

slavikrds [6]

3 years ago

5

Chris invests $18,000 into an account at an annual rate of 0.4% simple interest for 12 months. 5) Calculate the simple interest

earned on this account.

Mathematics

2 answers:

ikadub [295] · Answer 1 · 2022-07-30T11:26:17+03:00

ikadub [295]3 years ago

7 0

Answer:do you have a screenshot

STALIN [3.7K] · Answer 2 · 2022-07-30T12:35:15+03:00

The equation we will use is I=PRT
I is the interest, P is the principal, or deposited amount, R is the rate as a decimal, not percentage, and T is time in years.

Convert 0.4% to a decimal by dividing by 100 = 0.004
Convert 12 months into years = 1

I = (18,000)(0.004)(1)
I = 72
$72 interest earned.

LMK if you have questions