Answer:
$372
Explanation:
From the given problem, we have the following:
• The amount deposited, Principal = $1,550
,• The interest rate, r = 4%
,• Time = 6 years
To determine the amount of interest earned, at simple interest, we use the formula below:
[tex]$Simple\: Interest=\frac{Principal\times Rate\times Time}{100}$[/tex]Substitute the given values:
[tex]\begin{gathered} Simple\:Interest=\frac{1550\times4\times6}{100} \\ =\$372 \end{gathered}[/tex]The interest that was earned in 6 years is $372.
