Answer:
Larry earn in interest is $700.
Step-by-step explanation:
Given : Larry goes to the bank and put $4000 in a savings account. He earns simple interest of 3.5%. If he leaves the money in the account for five years.
To find : How much did Larry earn in interest?
Solution :
Using simple interest formula,
[tex]SI=P\times R\times T[/tex]
Where, P is the principal P=$4000
R is the interest rate R=3.5%=0.035
T is the time T=5 years
Substitute the value,
[tex]SI=4000\times 0.035\times 5[/tex]
[tex]SI=700[/tex]
Therefore, Larry earn in interest is $700.
