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

Question

asked Apr 13, 2022 24.7k views

1 Answer

Kysil Ivan · Answer 1 · 2022-04-18T07:15:05+0000

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.