Weegy: Earn interest of $300 at the end of 4 years.
User: Aaron puts $1,000 in an account that pays 10% interest compounded quarterly. He leaves it in the account for six months. Estimate how much interest he earns.
$50
$100
$150
$200
Weegy: $200
(More) 3
Principle (P) = $1500
Rate of interest (r) = 5% =0.05
Time (t) = 4 years
We know that the simple interest formula (i) = P.r.t
Now plug in the given values in the above formula, we get
= 1500 times 0.05 times 4
= 75 times 4
Simple interest = $300
So, the interest earned at the end of 4 years is $300.
Added 5/10/2021 10:02:44 AM
This answer has been confirmed as correct and helpful.
