Jacobdominguez18 Jacobdominguez18

16-06-2016
Mathematics

Answered

Compute the amount of interest earned in the following simple interest problem. A deposit of $100 at 8% for 20 years=

$1.60

$16.00

$160.00

$1600.00

Verified Answer :

16-06-2016

use the formula
i = prt
p = principle amount = 100
r = rate of interest = 8% = 0.08
t = time in years = 20

i = 1000.0820 = 8*20 = 160

so the interest earned is $160

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