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Chapter 3: Q. 122 (page 334)

Terrence deposited $5,720 in a bank account with interest rate 6%. How much interest was earned in 4 years?

Short Answer

Expert verified

The interest earned in 4 years will be $1372.8.

Step by step solution

01

Step. 1 Given Information

We have principle amountp=$5,720

Rate of interest r=6%=0.06

Timet=4years

02

Step. 2 Formula and calculation for simple interest 

As we know the formula to find the simple interest is:

I=prt,wherepisindollars,ristherateandtisthetimeinyears.

So, putting the values in the formula we get the total interest earned which is as follows:

I=prtI=5720×0.06×4I=$1372.8

So, the total interest earned is $1372.8

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