Alfred wants to invest $4,000 at 6% simple interest rate for 5 years. How much interest will he receive?

1 ⤊

2006-06-26 07:34:56 · 4 answers · asked by Blissful 3 in Science & Mathematics ➔ Mathematics

I = 4000(.06)(5)
I = 4000 * .3
I = 1200

2006-06-26 11:01:45 · answer #1 · answered by Sherman81 6 · 1⤊ 0⤋

Alfred receives $1,200 of interest after 5 years, bringing his total to $5,200.

($4000 x 0.06 = $240 x 5 = $1200 + $4000 = $5200)

2006-06-26 14:45:15 · answer #2 · answered by sandi_aygo 1 · 0⤊ 0⤋

$1200

2006-06-26 14:43:38 · answer #3 · answered by daydreamer 2 · 0⤊ 0⤋

Is it compounded yearly, monthly or continuously

once in five years
1200

yearly
1352.90

monthly
1395.40

daily
1399.30

continuously
1399.43

2006-06-26 15:05:37 · answer #4 · answered by georgephysics13 3 · 0⤊ 0⤋