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2 years ago

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

Mathematics

2 answers:

madam [21]2 years ago

8 0

Answer: Simple interest = $1512

Step-by-step explanation:

Given: The principle amount (P)=$5400

The rate of interest (r)= 4%=0.04

Time (t)= 7 years

The formula to calculate the simple interest is given by :-

$S.I.=Prt\\\\\Rightarrow\ S.I.=\$5400\times0.04\times7\\\\\Rightarrow\ S.I.=\$1512$

Therefore, the simple interest earned by Velma = $1525

Yanka [14]2 years ago

5 0

5400*0.04(rate)=216

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

So $1512

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