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Sagot :
Answer:
She will be paid $100 in interest in the first 4 years.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
[tex]E = P*I*t[/tex]
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
Amy deposits $500 into an account that pays simple interest at a rate of 5% per year.
This means that [tex]P = 500, I = 0.05[/tex]
How much Interest will she be paid in the first 4 years?
This is E when [tex]t = 4[/tex]. So
[tex]E = P*I*t = 500*0.05*4 = 100[/tex]
She will be paid $100 in interest in the first 4 years.
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