Question

Find the simple interest earned for principal of $2,000 at and 8% rate for 5 years

Answer 1

Amount = $
`2080`

Explanation:

Given ,

• Principal of $2,000
• 8% rate
• 5 years

To Find : The Amount

We can derive the SI i.e the Simple Interest by the formula,

`SI = (PRT)/(100)`

Applying the values into the given equation we get,

`SI = (2000X8X5)/(100)`

Substituting we get,

`SI = 80$`

`Amount =`
`SI + Principal`

`Amount = 80 + 2000`

`Amount = $2080`