Question
Tamara invests $30,000 in an account earning 7% interest per year over the next 4 years.
How much (simple) interest will her investment earn in total?
How much (simple) interest will her investment earn in total?
Answers
CJ
the first thing you do is divide 30000 with 100:
300 = 1%
multiply it by seven to count the percentage
300x7 = 2100
multiply it by 4 to count the total via years
2100x4 = $8400
The answer is $8400 in total :)
300 = 1%
multiply it by seven to count the percentage
300x7 = 2100
multiply it by 4 to count the total via years
2100x4 = $8400
The answer is $8400 in total :)
Helper
I = PRT
(Interest, I = Principal, P * Rate, R * Time, T
P = 30,000
R = 7% = 0.07
T = 4
I = 30,000 * 0.07 * 4
I = 2100 * 4
I = 8400
(Interest, I = Principal, P * Rate, R * Time, T
P = 30,000
R = 7% = 0.07
T = 4
I = 30,000 * 0.07 * 4
I = 2100 * 4
I = 8400