Answer:
The interest Jacob earns after 6 years is $8.82
Step-by-step explanation:
The given parameters are;
The simple interest rate of the savings account, R = 1%
The principal deposit to the savings account, P = $147
The time duration Jacob saved the money, T = 6 years
The formula for simple interest, I, is given as follows;
[tex]I = \dfrac{P \times R \times T}{100}[/tex]
Substituting the known values gives;
[tex]I = \dfrac{147 \times 1 \times 6}{100} = 8.82[/tex]
The interest Jacob earns after 6 years = $8.82.
