SOLUTION: Jane deposits $400 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 4 years?

Question 570858: Jane deposits $400 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 4 years?
Answer by JBarnum(2146) (Show Source): You can put this solution on YOUR website!
1st year: .04(400)=16
2nd year: .04(416)=16.64
3rd year: .04(432.64)=17.2056
4th year: .04(449.9456)= 17.9978

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