You deposit $\$ 710$ in a savings account paying $4.3 \%$ simple interest.
How much interest will you earn in 4 years?
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How much is in the account at the end of 4 years?
Answer
Final Answer: The interest earned in 4 years is approximately \(\boxed{122.12}\).
Step 1 ：The problem is asking for the amount of interest earned in 4 years. Simple interest is calculated using the formula: Interest = Principal * Rate * Time. Here, the Principal is the initial amount of money (the amount that was deposited), Rate is the interest rate (expressed as a decimal), and Time is the time period for which the money is deposited or borrowed for, in years. In this case, the principal is $710, the rate is 4.3% (or 0.043 as a decimal), and the time is 4 years.
Step 2 ：Substitute the given values into the formula: Interest = 710 * 0.043 * 4.
Step 3 ：The calculated interest is approximately $122.12. This is the amount of interest that will be earned in 4 years.
Step 4 ：Final Answer: The interest earned in 4 years is approximately \(\boxed{122.12}\).
