$40 is a deposited into your 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

Answer 1

To calculate the interest earned in one year using simple interest, you can use the formula:

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

Where:

• Principal is the initial amount deposited,
• Rate is the interest rate (in decimal form),
• Time is the time in years.

In this case:

• Principal (\(P\)) = $40
• Rate (\(R\)) = 10% = 0.10 (in decimal)
• Time (\(T\)) = 1 year (since we're calculating interest for one year)

Now, plug the values into the formula:

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

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

\[ \text{Interest} = 4 \]

So, the interest earned during any one of the years the money is deposited is $4.