SOLUTION: David had $4000 invested for 1/4 of a year at a simple rate of 6.1%. How much interest did he earn? Please explain step by step. Thank you.

SOLUTION: David had $4000 invested for 1/4 of a year at a simple rate of 6.1%. How much interest did he earn? Please explain step by step. Thank you.

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Question 449302: David had $4000 invested for 1/4 of a year at a simple rate of 6.1%. How much interest did he earn? Please explain step by step. Thank you.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
I=Prt
I=4000*0.061*0.25
I=$61
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