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You put $400 in a savings account. The account earns 2% simple interest per year. a. What is the interest earned after 6 years? What is the balance after 6 years?

You put $400 in a savings account. The account earns 2% simple interest per year. a. What is the interest earned after 6 years? What is the balance after 6 years?
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You put $400 in a savings account. The account earns 2% simple interest per year. a. What is the interest earned after 6 years? What is the balance after 6 years?

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User Anand Undavia
by
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1 Answer

5 votes
Interest earned=principle×interest rate×time
Interest earned=400×0.02×6=48

Balance=principle+interest earned
Balance=400+48=448
answered
User Marcel Flygare
by
8.6k points
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