dexter deposited $6,300 into a savings account that earns 2.60% simple interest per year. how much will he earn in 4 years?

Answers

Answer 1

Answer:

= $655.20

Step-by-step explanation:

Simple Interest =( Principal * rate * time)/100

                          =( $ 6300 * 2.60% * 4years)/100, workout in the brackets first then divide by 100.

                        =   65520/100

                        = $655.20

Answer 2

Dexter will earn $655.2.

What is the simple interest?

Simple interest is the borrowing amount added only to the principal amount.

Formula to calculate the simple interest is;

                                                 S.I. = P x T x R / 100 ,

Where S.I. is simple interest , P is principal amount, T is time period and R is interest rate in a year.

Dexter deposited $6,300 into a savings account that earns 2.60% simple interest per year.

P = $6300

R = 2.60% and T = 4 years

Then by the formula;

6300 x 2.6 x 4 /100

= $655.2

Therefore, Dexter will earn $655.2.

To learn more about the simple interest; https://brainly.com/question/25845758

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