What is the simple interest paid on $1600 at 3 % for 4 years? Round your answer to the nearest cent.

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.6: Other Types Of Equations
Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...
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What is the simple interest paid on $1600 at 3 % for 4 years? Round your answer to the nearest cent.
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Transcribed Image Text:Review Question 15 of 23, Step 1 of 1 9/28 Correct What is the simple interest paid on $1600 at 3 % for 4 years? Round your answer to the nearest cent. Answer
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