Rusty has $408 in a savings account. The account earns 5.5% interest every year. The interest is not compounded. How much interest will he earn in 4 years?
Responses
A $89.76$89.76
B $67.83$67.83
C $22.44$22.44
D $118.48
D $118.48
To calculate the interest earned in 4 years, multiply the initial amount by the interest rate and the number of years:
$408 * 0.055 * 4 = $118.48
So, Rusty will earn $118.48 in interest over 4 years.