Charmaine deposits $600 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first 6 years?

Question

I don't know how to do it and i need help

Answer 1

the underlying simple interest formula that you want to use to solve this one is

I = PRT

for this scenario that means taking

I = 600(0.05)(6)

I = 180

meaning that she will earn $180 in simple interest over the 6-year period