Answer:
The interest earned on $470 at 4% for 36 months is $56.4
Step-by-step explanation:
We are given
Principal Amount P₀= $470
Rate r = 4% = 0.04
Time t = 36 months = 3 years
We need to find interest I
The formula used is: [tex]I=P_ort[/tex]
Putting values and finding Interest I
[tex]I=P_ort\\I=470(0.04)(3)\\I=56.4[/tex]
The interest earned on $470 at 4% for 36 months is $56.4
