How much interest is earned on a principal of $671.37 invested at an interest rate
of 4% for four years?

ANSWER:

The interest earned on a principle of $671.37 at an interest rate of 4% for four years is $ 107.42.

SOLUTION:

Given, p = $671.37, R = 4%, t = 4.

We need to find the simple interest for the above given values of amount, rate and years.

We know that

where, p = principal amount ; r = rate of interest ; t = number of years

By substituting the values we get,

Simple interest is $ 107.42 approximately.

Hence, the interest earned on a principle of $671.37 at an interest rate of 4% for four years is $ 107.42.

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step-by-step explanation: