To calculate the interest earned during any one year with simple interest, we can use the formula:
\[ I = P \times r \times t \]
where:
- \(I\) is the interest,
- \(P\) is the principal amount (the initial deposit),
- \(r\) is the annual interest rate (as a decimal),
- \(t\) is the time in years.
In this case:
- \(P = 40\) (the amount deposited),
- \(r = 10% = 0.10\),
- \(t = 1\) (since we want to find the interest earned in one year).
Substituting these values into the formula:
\[ I = 40 \times 0.10 \times 1 \]
Calculating this gives:
\[ I = 40 \times 0.10 = 4 \]
Therefore, the interest earned during any one of the years the money is deposited is $4.
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