Answered

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jim deposit $4000 into an account that pay simple interest at a rate 2% per year how much interest will he be paid in the 3 years

Sagot :

Step-by-step explanation

Simple interest is:

[tex]s=P\times r\times t[/tex]

Where P is the principal amount, r is the rate of the interest per year and t is the number of years.

In this problem we have P = $4000, r = 0.02 and t = 3

The interest after 3 years will be:

[tex]s=4000\times0.02\times3=240[/tex]

Answer

Jim will be paid $240 of interest after 3 years

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