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3 February, 15:46

Velma invested $5400 in a savings account with a yearly interest rate of 4% for 7 years. How much simple interest did she earn?

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Answers (2)
  1. 3 February, 18:03
    0
    5400*0.04 (rate) = 216

    Because it's simple interest for 7 years, 216*7 should be the answer

    So $1512
  2. 3 February, 18:22
    0
    Multiply everything together using the formula I=PRT since Principal = 5,400, Rate = 4%, and Time = 7 years
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