Question

Ryan deposits $775 in an account that pays 1.24% simple interest for four years. Brian deposits $775 in an account that pays 1.24% simple interest for one year. What is Ryan’s interest after the four years?

Answer 1

In total, Ryan's amount of money would be $814.16. The interest amount would be $39.16.

Explanation:

Simply multiply then add.

$775 * 1.24% = 9.61.

$784.61 * 1.24% = 9.73

$794.34 * 1.24% = 9.85

804.19 * 1.24% = 9.97

Therefore it would be $814.16