Problema Solution
What is the interest earned on $350 invested for 4 years at a 5%
interest rate?
Answer provided by our tutors
Assuming that we need to find the simple interest we have:
P = $350 is the principal
t = 4 years
r = 0.05 or 5% annual rate
I = the interest
I = P*r*t
I = 350*0.05*4
I = $70
The interest rate is 70$.