Penny deposits $800 into a bank account for 5 years. If the account has a 6% yearly simple interest rate, What is the Interest?

$240

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 (years)

First, change 6% into a decimal:

6% -> -> 0.06

Now, plug in the values:

The interest earned is $240.

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