$40 is deposited into a credit union that offers a 10% simple interest rate per year for 15 years. How much interest will be earned during any one of the years the money is deposited?(1 point)

Question

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Answer 1

To calculate the interest earned in one year with a simple interest rate, you can use the formula:

\[ \text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time} \]

In this case:

• Principal = $40
• Rate = 10% = 0.10
• Time = 1 year

Now, plug in the values:

\[ \text{Interest} = 40 \times 0.10 \times 1 = 4 \]

So, the interest earned during any one of the years the money is deposited is:

\[ \boxed{4} \]