abbi invested 1,500 dollars in a certificate of deposit with a simple interest rate of 4 percent. find the interest earned in 6 years. then find the total of principal plus interest
Your equation to help you determine the answer would be,
a = 1500 (0.04 (6))= 1860
Then find the total of principal plus interest,
a = 1500 + 1860
For simple interest, i = Prt
i = 1500 * .04 * 6 = 360
P+i = 1500 + 360 = 1860
To find the interest earned in 6 years, we can use the formula for simple interest:
Interest = Principal * Rate * Time
where:
Principal = $1,500
Rate = 4% or 0.04 (expressed as a decimal)
Time = 6 years
Plugging in these values into the formula, we get:
Interest = $1,500 * 0.04 * 6
= $360
Therefore, the interest earned in 6 years is $360.
To find the total of principal plus interest, we simply add the interest earned to the principal amount:
Total = Principal + Interest
= $1,500 + $360
= $1,860
Therefore, the total of principal plus interest after 6 years is $1,860.
To find the interest earned in 6 years, we can use the formula for simple interest:
Interest = Principal x Rate x Time
In this case, the principal is $1,500 and the rate is 4% (or 0.04 as a decimal). The time is 6 years.
Interest = $1,500 x 0.04 x 6 = $360
Therefore, the interest earned in 6 years is $360.
To find the total amount of principal plus interest, we simply add the interest earned to the principal.
Total = Principal + Interest
Total = $1,500 + $360 = $1,860
Therefore, the total of principal plus interest after 6 years is $1,860.