4. elenas father put $460 into a savings account for her. the account pays 2.5% simple interest each year…

4. elenas father put $460 into a savings account for her. the account pays 2.5% simple interest each year. if he neither adds nor withdraws money from the account, how much interest will the account earn after 4 years? round to the nearest cent.

4. elenas father put $460 into a savings account for her. the account pays 2.5% simple interest each year. if he neither adds nor withdraws money from the account, how much interest will the account earn after 4 years? round to the nearest cent.

Answer

Explanation:

Step1: Identify the simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years. Here, $P=$460$, $r = 2.5%=0.025$, and $t = 4$ years.

Step2: Substitute the values into the formula

$I=460\times0.025\times4$. First, calculate $460\times0.025 = 11.5$. Then, $11.5\times4=46$.

Answer:

$46.00$