Question

wayne earns 4.6 simple interest for 8 years on 4000. How much interest does he earn and what is the total amount on the account

Answer 1

Answer: The total amount on Wayne's account after 8 years is $5,472.

Explanation:

To calculate the interest earned by Wayne, we can use the formula:

I = P * r * t

Where I is the interest, P is the principal amount, r is the interest rate, and t is the time in years.

In this case, Wayne earns 4.6% simple interest for 8 years on 4000. So, P = 4000, r = 0.046 (since 4.6% is equivalent to 0.046), and t = 8.

I = 4000 * 0.046 * 8

I = 1472

Therefore, Wayne earns $1,472 in interest.

To calculate the total amount on the account, we can add the interest to the principal:

Total amount = Principal + Interest

Total amount = 4000 + 1472

Total amount = $5,472

Therefore, the total amount on Wayne's account after 8 years is $5,472.

Answer 2

To find the interest earned by Wayne, we can use the simple interest formula:

I = P * r * t

Where:

I = interest earned

P = principal amount

r = interest rate per year

t = time period in years

In this case, we know that:

P = 4000 (the principal amount)

r is unknown (we'll come back to this)

t = 8 years (the time period)

We also know that the interest earned is 4.6, so we can substitute these values into the formula and solve for r:

4.6 = 4000 * r * 8

r = 4.6 / (4000 * 8) = 0.00014375

Now that we know the interest rate per year, we can use the simple interest formula to find the total interest earned by Wayne:

I = P * r * t = 4000 * 0.00014375 * 8 = 4.6

So Wayne earned 4.6 in interest over 8 years.

To find the total amount on the account, we can simply add the interest to the principal:

Total amount = Principal + Interest = 4000 + 4.6 = 4004.6

So the total amount on the account after 8 years is 4004.6.