Please help with this!!
1 answer:
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Answer:
He will earn $6 in interest in 9 months.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
Initial deposit of $400.
This means that
2% annual interest
This means that
How much interest will he earn in 9 months?
An year has 12 months, this means that
This is E. So
He will earn $6 in interest in 9 months.