Step-by-step explanation:
Simple interest would be $128.96 and the interest earned would be $4.96, thought I should put both just in case. :)
By using simple interest formula we got that interest earned on $124 at 4% for one year is $4.96
Simple interest is interest which is based on only principle value.
Here given that
Principle= P=$124
Rate= R= 4%
Time = T = 1 year
We know that simple interest can be calculated as
[tex]SI= \frac{PRT}{100}[/tex]
Now putting values in formula
[tex]SI= \frac{124\times4\times1}{100}\\ \\SI=\frac{496}{100} \\\\SI=\$4.96[/tex]
By using simple interest formula we got that interest earned on $124 at 4% for one year is $4.96
To learn more about simple interest visit : https://brainly.com/question/25793394
