Question

.Edward deposited $9,500 into a savings account 3 years ago. The simple interest rate is 4%. How much money did Edward earn in interest?

Answer 1

Answer:

first, converting R percent to r a decimal

r = R/100 = 3%/100 = 0.03 per year.

Solving our equation:

A = 6000(1 + (0.03 × 4)) = 6720

A = $6,720.00

The total amount accrued, principal plus interest, from simple interest on a principal of $6,000.00 at a rate of 3% per year for 4 years is $6,720.00.

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Answer 2

Answer:

$380

Step-by-step explanation:

If he got 4% interest over the three years then he gained $380 because 9,500 divided by 100 is 95 multiplied by 4 is 380 and thats how much he gained. Total he would now have $9,880.