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Chris invests $18,000 into an account at an annual rate of 0.4% simple interest for 12 months. 5) Calculate the simple interest earned on this account.
The equation we will use is I=PRT I is the interest, P is the principal, or deposited amount, R is the rate as a decimal, not percentage, and T is time in years.
Convert 0.4% to a decimal by dividing by 100 = 0.004 Convert 12 months into years = 1
I = (18,000)(0.004)(1) I = 72 $72 interest earned.
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