https://file.aiquickdraw.com/mathbot/file/1728505359190t7h92f8b.jpg

This is a simple interest problem, where Nicole deposits $600 at an interest rate of 4% per year for 6 years. The formula to calculate simple interest is:

\[
I = P \times r \times t
\]

Where:
- $ I $ = Interest
- $ P $ = Principal (initial deposit) = $600
- $ r $ = Annual interest rate = 4% = 0.04
- $ t $ = Time in years = 6

Substituting the values into the formula:

\[
I = 600 \times 0.04 \times 6 = 144
\]

So, Nicole will earn **$144** in interest over 6 years.

Would you like further details or have any questions?

Here are 5 related questions to explore further:
1. How much total money will Nicole have in her account after 6 years?
2. If the interest rate was 5%, how much interest would she earn in 6 years?
3. How long would it take for Nicole to earn $200 in interest at the same rate?
4. What if Nicole deposited $1,000 instead—how much interest would she earn?
5. What is the difference between simple interest and compound interest?

**Tip:** Simple interest grows linearly, while compound interest grows exponentially over time!

Nicole deposits $600 into an account that pays simple interest at a rate of 4% per year. How much interest will she be paid in the first 6 years?

Learn how to calculate the simple interest on a $600 deposit with an interest rate of 4% over 6 years. This problem uses the simple interest formula I = P × r × t and covers essential math concepts for students in Grades 6-8.

Math Problem Statement

Solution

Ask a new question for Free

By Image

Math Problem Analysis

Mathematical Concepts

Formulas

Theorems

Suitable Grade Level

Related Recommendation