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Elena's father put $460 into a savings account for her. The account pays 2.5% simple interest each year. If he neither adds nor withdraws
money from the account, how much interest will the account earn after 4 years? Round to the nearest cent.

Respuesta :

Answer:

$46

Step-by-step explanation:

Give that Elena's father put $460 into a savings account.

So, the principal amount, P= $ 460

Yearly simple interest , R= 2.5% = 0.025

Time, t = 4 years.

The interest, I, for the principal amount, P,  at the rate of R yearly, after t years,

[tex]I= P\times R \times t[/tex]

By using the given values, we have

[tex]I=460\times 0.025 \times 4 = 46[/tex]

Hence, the account will earn $46.

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