An employee puts $3,000 into a retirement fund that offers 7% interest compounded annually. The employee makes no other deposits or withdrawals. Which amount is closest to the interest that the employee will have earned after 4 years?
1 answer:
Answer:
$840
Step-by-step explanation:
Given data
Principal = $3000
Rate= 7%
Time= 4 years
The expression for the simple interest is
SI= PRT/100
substitute
SI= 3000*7*4/100
SI= 30*7*4
SI= $840
Hence the interest is $840
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