Question

$745 is deposited into an account that earns 4% simple interest for 8 years.

What is the total interest earned in all 8 years?

Answer 1

$241.60

Explanation:

100%->$755

1%->$755÷100=$7.55

4%->$7.55×4=$30.20

4×8=32

32%->$7.55×32=$241.60

Answer 2

$29.80 is your answer