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LuckyWell [14K]
2 years ago
7

felipe deposits $500 into a bank account that pays simple interest at a rate of 2% per year how much interest will be be paid in

the first 4 years
Mathematics
1 answer:
Verdich [7]2 years ago
4 0

~~~~~~ \textit{Simple Interest Earned} \\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\dotfill & \$500\\ r=rate\to 2\%\to \frac{2}{100}\dotfill &0.02\\ t=years\dotfill &4 \end{cases} \\\\\\ I=(500)(0.02)(4)\implies I=40

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