Paldag1008 Paldag1008

05-04-2021
Mathematics

contestada

Drew invests $4000 at 6% for 5 years. How much interest does Drew earn? Remember the formula for simple interest is I=prt.

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jennajuna jennajuna

05-04-2021

Answer:

I = $1,200.00

Step-by-step explanation:

First, converting R percent to r a decimal

r = R/100 = 6%/100 = 0.06 per year,

then, solving our equation

I = 4000 × 0.06 × 5 = 1200

I = $1,200.00

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