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04-06-2021
Mathematics

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Michael deposits $4000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 4 years? PLEASE ANSWER QUICK

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04-06-2021

Answer:

$960

Step-by-step explanation:

simple interest = [tex]\frac{P R T}{100}[/tex]

= [tex]\frac{4000*6*4}{100}[/tex]

= $960

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04-06-2021

I = PRT

I = 4000×0.06×4= 960

Interest = 960 dollars

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