/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 147 Casey deposited $1,450 in a bank... [FREE SOLUTION] | 91Ó°ÊÓ

91Ó°ÊÓ

Casey deposited $1,450 in a bank account that earned simple interest at an interest rate of 4%. How much interest was earned in two years?

Short Answer

Expert verified

Interest earned in 2 years is $116.

Step by step solution

01

Given information.

Pricipal,P=$1450Rate,r=4%=0.04Time,t=2yearsInterest,I=?

02

Calculate the simple interest.

Use the following formula and solve for unknown value.

I=Prt=1450×0.04×2=116

So, interest earned in given time is $116.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91Ó°ÊÓ!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Study anywhere. Anytime. Across all devices.