Question
Charlene invested $\$ 3400$ at $4 \%$ simple interest for 5 years.a. How much interest will she earn in 5 years?b. What will be the total value of the account after 5 years?
Step 1
The formula for simple interest is I = PRT, where I is the interest, P is the principal amount (the initial amount of money), R is the rate of interest per year in decimal form, and T is the time the money is invested for in years. In this case, P = $3400, R = Show more…
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