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1 August, 09:24

The simple interest earned on a deposit of $4,000 at 5% for 120 days.

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  1. 1 August, 09:50
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    The simple interest formula is I = prt where I is the interest earned, p is the initial investment, r is the interest rate as a decimal, and t is time in years. We have a p of 4000, an r of. 05, and a t as 24/73 (120 days is equivalent to 24/73 year). Doing all that multiplying gives us a simple interest earned of $65.75
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