Answer:
$72
Step-by-step explanation:
You are going to want to use the simple interest formula for this. The one below is modified for solving the interest earned.
[tex]I=Prt[/tex]
I = interest amount
P = principal amount
r = interest rate (decimal form)
t = time
First, change 4% into its decimal form:
4% -> [tex]\frac{4}{100}[/tex] -> 0.04
Next, plug in the values:
[tex]I=300(0.04)(6)[/tex]
[tex]I=72[/tex]
Rafael earned $72 worth of interest in the first 6 years.
