Question
$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)
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Answers
GPT-4o mini
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:
\[
\boxed{4}
\]
\[
\text{Interest} = \text{Principal} \times \text{Rate} \times \text{Time}
\]
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:
\[
\boxed{4}
\]