$6000.@ 4% for 2 years
To calculate the interest earned on an investment of $6000 at a rate of 4% for 2 years, you can use the simple interest formula:
Interest = Principal × Rate × Time
Where:
- Principal is the initial amount invested ($6000)
- Rate is the interest rate per period (4% which can also be written as 0.04)
- Time is the number of periods the money is invested for (2 years)
Plugging the numbers into the formula, we get:
Interest = $6000 × 0.04 × 2
Calculating this, we find:
Interest = $480
Therefore, the interest earned on an investment of $6000 at a rate of 4% for 2 years would be $480.