SOLUTION: Maya deposits
$4000
into an account that pays simple interest at a rate of
3%
per year. How much interest will she be paid in the first
6
years?
Question 961390: Maya deposits
$4000
into an account that pays simple interest at a rate of
3%
per year. How much interest will she be paid in the first
6
years? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Maya deposits
$4000
into an account that pays simple interest at a rate of
3%
per year. How much interest will she be paid in the first
6
years?
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I = P*r*t
Interest = 4000*0.03*6 = 4000*0.18 = $720.00
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Cheers,
Stan H.
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