SOLUTION: Ryan deposits
$300
into an account that pays simple interest at a rate of
4%
per year. How much interest will he be paid in the first
5
years?
braydenkirk2015@gmail.
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-> SOLUTION: Ryan deposits
$300
into an account that pays simple interest at a rate of
4%
per year. How much interest will he be paid in the first
5
years?
braydenkirk2015@gmail.
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Question 1017633: Ryan deposits
$300
into an account that pays simple interest at a rate of
4%
per year. How much interest will he be paid in the first
5
years?
braydenkirk2015@gmail.com Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Simple interest is found by
I = Prt
Here P = $300, r = 0.04, and t = 5 years. Now plug in and get
I = 300*.04*5 = $60 interest
