honda deposits $200 into an account that pays simple interest at a rate of 6% per year. How much interest will she be paid in the first 4 years?
To find the amount of interest that Honda will be paid in the first 4 years, we can use the formula for simple interest:
I = P * r * t
Where:
I = interest
P = principal (initial deposit)
r = interest rate
t = time (in years)
Plugging in the given values:
P = $200
r = 6% = 0.06 (in decimal form)
t = 4 years
I = $200 * 0.06 * 4 = $48
Therefore, Honda will be paid $48 in interest in the first 4 years.