Mary had $220 in her Christmas Club Account which earned 4% APR simple interest for the year. Calculate the amount of interest which she earned after 6 years.

Respuesta :

Since we know that [tex]\text{Simple interest}=\frac{PRT}{100}[/tex], where P is principle amount, R is interest rate and T is time.

Now let us substitute our given information in simple interest formula.

[tex]\text{Simple interest}=\frac{220\cdot4\cdot6}{100}[/tex]

[tex]\text{Simple interest}=\frac{5280}{100}[/tex]

[tex]\text{Simple interest}=52.80[/tex]

Therefore, Mary will earn $52.80 after 6 years.