What is the simple interest earned on an investment of $12,625 in mutual funds for 12 years at a rate of 4%
1 answer:
Answer:
Interest earned= $6,060
Step-by-step explanation:
Giving the following formula:
Principal (P)= $12,625
Interest (r)= 4%= 0.04
Period of time (t)= 12 years
<u>To calculate the interest earned after twelve years, we need to use the following formula:</u>
I= P*r*t
I= (12,625*0.04*12)
I= $6,060
Interest earned= $6,060
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