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$745 is deposited into an account that earns 4% simple interest for 8 years. How much interest is earned in 1 year?
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13 votes
$745 is deposited into an account that earns 4% simple interest for 8 years.

How much interest is earned in 1 year?

User Edmondo
by
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1 Answer

11 votes

9514 1404 393

Answer:

$29.80

Explanation:

The interest earned in 1 year is ...

I = Prt

I = $745·0.04·1 = $29.80

$29.80 interest is earned in 1 year.

User Kysil Ivan
by
6.3k points
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