Question

Velma invested $5400 in a savings account with a yearly interest rate of 4% for 7 years. How much simple interest did she earn?

Answer 1

But what about the 4% interest rate. that has to be a part of the equation?

Answer 2

We will get to that.

Answer 3

You have to do the steps first to figure out how much interest is made each year, or I suppose you can just straight up do
\[5400\times.04\]

Wasn't sure if you needed to find the interest made per year that's why I started it off the way I did.

Answer 4

So it would be 5400 x .04
then would you times that answer by 7 and that's it?!

Answer 5

Yes. So, what do you get from \[5400\times.04\]

Answer 6

I got $1512! I think that's right

Answer 7

5400 x 0.4 =216
216 x 7 = 1512

Answer 8

Yes :)

Answer 9

Thank you!(:

Answer 10

Sorry if I confused you at first lol Welcome.