if $400 were deposited into a savings account with a simple interest rate of 4%, how much interest would be…
if $400 were deposited into a savings account with a simple interest rate of 4%, how much interest would be earned after 3 years?\n$?\nhint: i = prt
Answer
Explanation:
Step1: Identify the values
$P = 400$, $R=0.04$ (since 4% = 0.04), $T = 3$
Step2: Apply the simple - interest formula
$I=PRT$ $I=400\times0.04\times3$ $I = 48$
Answer:
$48$