Suppose you deposit $350 in a bank account that pays 6% annual simple interest. Find the interest earned in 4 months and in 1 year.

To find the interest earned in 4 months, we need to calculate the simple interest for that period.

First, we convert 4 months into a fraction of a year. There are 12 months in a year, so 4 months is equal to 4/12, which simplifies to 1/3 or approximately 0.3333 years.

Next, we can use the simple interest formula to calculate the interest earned:

Interest = Principal × Rate × Time

Where:
Principal = $350 (the amount deposited)
Rate = 6% (expressed as a decimal, so 6/100 = 0.06)
Time = 0.3333 years (the period in years)

Now we can substitute the values into the formula:

Interest = $350 × 0.06 × 0.3333

Calculating the expression:

Interest = $7.00

Therefore, the interest earned in 4 months is $7.00.

To find the interest earned in 1 year, we can use the same simple interest formula:

Interest = Principal × Rate × Time

Where:
Principal = $350 (the amount deposited)
Rate = 6% (expressed as a decimal, so 6/100 = 0.06)
Time = 1 year

Now we can substitute the values into the formula:

Interest = $350 × 0.06 × 1

Calculating the expression:

Interest = $21.00

Therefore, the interest earned in 1 year is $21.00.

To summarize:
- The interest earned in 4 months is $7.00.
- The interest earned in 1 year is $21.00.

I = Prt

I = 350 * 0.06 * 0.3333333

I = $7.00

I = 350 * 0.06

I = ?