Question

Michael deposits $4000 into an account that pays simple interest at a rate of 6% per year. How much interest will he be paid in the first 4 years? PLEASE ANSWER QUICK

Answer 1

$960

Explanation:

simple interest =
`(P R T)/(100)`

=
`(4000*6*4)/(100)`

= $960

Answer 2

I = PRT

I = 4000×0.06×4= 960

Interest = 960 dollars