SOLUTION: Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. How much interest will he receive?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. How much interest will he receive?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 160538: Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. How much interest will he receive?
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
4,000(1+.06)^5=4,000(1.06)^5=4,000*1.338=$5,3552.90-$4,000=$1,352.90 is the interest.