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22 March, 16:15

Ben decided to invest his savings into a friends local business if he invests 1,750 at an annual interest rate of 6.4% how much interest will he earn in 4 years

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  1. 22 March, 16:19
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    He will earn an interest of $448 in 4 years

    Step-by-step explanation:

    In this question, we are interested in calculating the interest earned on an investment for a period of 4 years.

    To calculate this interest, we shall be using the formula for simple interest but with slight difference in terms definition

    Mathematically;

    I = PRT/100

    Where;

    P is the amount invested which is $1,750 according to the question

    R is the interest rate which is 6.4%

    T is the time which is equal to 4 years

    Plugging these figures, we have

    I = (1,750 * 6.4 * 4) / 100 = 44,800/100 = $448
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