Question

Amanda deposited $473.20 into a savings account that earns 8% simple interest, in dollars and cents, did she earn after 4 years ?

Answer 1

Using the equation i=prt, you get the answer $151.42. The equation is i for interest equals p for principle (the original deposit) times r for rate (the percent but in decimal form) times t for time (Years). So, I=(473.20)(0.08)(4), and you get I=151.424, or $151.42.