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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
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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

User Gabor Angeli
by
8.2k points

1 Answer

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

i = 100*0.08*20 = 8*20 = 160

so the interest earned is $160
User Lwxted
by
8.2k points
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