Question

Suppose you deposited $100 in a savings account 4 years ago with a simple interest rate of 2.2%. The interest that you earned in those 4 years is 8.80. Which of the following is true? Select all that apply.

Answer 1

All of the sentences are true.

Answer 2

Alright, lets get started.

Suppose you deposited $100 in a savings account 4 years ago with a simple interest rate of 2.2%.

Principal P= $ 100

Time t = 4 years

rate of interest = 2.2 %

Formula of simple interest
`= (P*t*r)/(100)`

Plugging the value in formula

simple interest =
`(100*4*2.2)/(100)`

simple interest =
`4 * 2.2`

simple interest = $ 8.8

Hence the statement is true. : Answer

Hope it will help :)