Question

You deposit $2400 in an account that earns 4% simple interest for 6

years. Find the amount of interest earned. (Hint: the simple interest
formula is I=Prt) *

Answer 1

576

Explanation:

Answer 2

$576

Explanation:

Principal (P)= $2400

Rate (R) = 4%

Time (T) = 6 yrs

Interest (I)= ?

We know that,

I = (P* T*R)/100

=(2400*4*6)/100

= $576

therefore, the amount of interest earned is $576