Naneth deposited php1. 200in a savings account that pays 4%interest in 1 year. How much interest will her money earn in a year?

Question

asked Apr 1, 2022 107k views

1 Answer

Dilraj · Answer 1 · 2022-04-08T04:50:37+0000

Answer: 8

Explanation:

Given

Money deposited
P=200

Interest rate
$R=4\%$

Time period
$T=1\ yr$

For a year simple and compound interest is the same

$\therefore \text{Interest}=(P* R* T)/(100)\\\\\Rightarrow \text{Interest}=(200* 4* 1)/(100)\\\\\Rightarrow 8$

Thus, interest earned is 8 units