## If you were to invest only \$1, how much simple interest would you have if the rate was 4.6%? Use the following years for each scenario:

Question

If you were to invest only \$1, how much simple interest would you have if the rate was 4.6%? Use the following years for each scenario:

30 years:

45 years:

65 years:

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1 week 2021-10-06T07:08:07+00:00 2 Answers 0

30 years: 1.38

45 years: 2.07

65 years:2.99

Step-by-step explanation:

\$1×0.046=0.046

0.046×30=1.38

0.046×45=2.07

0.046×65=2.99

this is assuming that it gets interest yearly and that they don’t want the original amount included.

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the investment.

P represents the principal or amount invested.

R represents interest rate

T represents the duration of the investment in years.

From the information given,

P = \$1

R = 4.6%

1) When t = 30 years,

I = (1 × 4.6 × 30)/100 = \$1.38

2) When t = 45 years,

I = (1 × 4.6 × 45)/100 = \$2.07

3) When t = 65 years,

I = (1 × 4.6 × 65)/100 = \$2.99