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Chris invests $18,000 into an account at an annual rate of 0.4% simple interest for 12 months. 5) Calculate the simple interest earned on this account.

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adamabiola100

Answer:do you have a screenshot

debmc7
The equation we will use is I=PRT
I is the interest, P is the principal, or deposited amount, R is the rate as a decimal, not percentage, and T is time in years.

Convert 0.4% to a decimal by dividing by 100 = 0.004
Convert 12 months into years = 1

I = (18,000)(0.004)(1)
I = 72
$72 interest earned.

LMK if you have questions

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