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Elijah invests $5,000 in a simple interest account yielding 3% annually, for 4 years. How much interest does Elijah's investment accruc after 4 years? 60.000.00 600.00 37.50 150.00

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Answer to a math question Elijah invests $5,000 in a simple interest account yielding 3% annually, for 4 years. How much interest does Elijah's investment accruc after 4 years? 60.000.00 600.00 37.50 150.00

Expert avatar
Sigrid
4.5
120 Answers
Simple interest is calculated using the formula:

I = P \times r \times t

Where:

P = 5000 (the principal)

r = 0.03 (the annual interest rate in decimal form)

t = 4 (the time in years)

Step-by-Step Solution:

1. Convert the percentage to a decimal: 3\% = 0.03

2. Plug the values into the simple interest formula:

I = 5000 \times 0.03 \times 4

3. Calculate:

I = 5000 \times 0.12

I = 600.00

Answer:

$600

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