what is the interest earned after 1 year in a savings account with an initial investment of $2435 and a 6%…

what is the interest earned after 1 year in a savings account with an initial investment of $2435 and a 6% simple interest rate? interest = $?

what is the interest earned after 1 year in a savings account with an initial investment of $2435 and a 6% simple interest rate? interest = $?

Answer

Explanation:

Step1: Identify the formula for simple interest

The formula for simple interest 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.

Step2: Convert the percentage rate to decimal

Given (r = 6%=\frac{6}{100}=0.06).

Step3: Substitute the values into the formula

We have (P = 2435), (r = 0.06), and (t = 1). Substituting into (I=Prt), we get (I=(2435)\times(0.06)\times(1)).

Step4: Calculate the interest

(I = 2435\times0.06=146.1)

Answer:

(146.1)