Question

S $1,595 deposit for 10 years at a simple interest rate of 8%

Answer 1

$2,871.00

Explanation:

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year.

Solving our equation:

A = 1595(1 + (0.08 × 10)) = 2871

A = $2,871.00

The total amount accrued, principal plus interest, from simple interest on a principal of $1,595.00 at a rate of 8% per year for 10 years is $2,871.00.