Question

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
$1,600.00

Answer 1

total deposits: 24,000.00
interest earned: 35,294.72

total savings: 59,294.72

Answer 2

The answer is $160. Hope I helped.