Pat deposited $5,720 in a bank account with an annual interest rate of 6%. How much interest was earned in 4 years if the interest was calculated based on simple interest? Round your answer to two decimal places.
Added by Margaret P.
Step 1
To calculate the annual interest earned, we multiply the principal amount (the initial deposit) by the annual interest rate. Annual interest = Principal amount x Annual interest rate Annual interest = $5,720 x 6% = $343.20 Show more…
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