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

Question

anonymous · Answer

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

beccaboo333 · Answer

We will get to that.

beccaboo333 · Answer

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.

anonymous · Answer

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

beccaboo333 · Answer

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

anonymous · Answer

I got $1512! I think that's right

anonymous · Answer

5400 x 0.4 =216
216 x 7 = 1512

beccaboo333 · Answer

Yes :)

anonymous · Answer

Thank you!(:

beccaboo333 · Answer

Sorry if I confused you at first lol Welcome.