if $7,000 were invested in a bond with a simple interest rate of 4.5%, how much interest would be earned…
if $7,000 were invested in a bond with a simple interest rate of 4.5%, how much interest would be earned after 4 years? $? hint: i = prt
Answer
Explanation:
Step1: Identify the values
$P = 7000$, $R=0.045$ (since $4.5%= 0.045$), $T = 4$
Step2: Apply the simple - interest formula
$I=PRT$ $I=7000\times0.045\times4$ $I = 7000\times0.18$ $I = 1260$
Answer:
$1260$