Abdrew2019 Abdrew2019

02-12-2020
Business

contestada

How much interest does a $407 investment earn at 6% over seven years?

Respuesta :

Samawati Samawati

02-12-2020

Answer:

$170.94

Explanation:

interest is calculate using the formula

I= p x r x t

where p = principle amount: $407

r = interest rate: 6% or 0.06

t= time: 7 year

I= $407 x 0.06 x 7

I= $24.42 x 7

I= $170.94

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