Rafael deposits $300 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 6 years?

$72

Step-by-step explanation:

You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.

I = interest amount

P = principal amount

r = interest rate (decimal form)

t = time

First, change 4% into its decimal form:

4% -> -> 0.04

Next, plug in the values:

Rafael earned $72 worth of interest in the first 6 years.