Question

If you put $6.57 into a savings account that earns 4%, how much interest

will you receive at the end of eight years?

Answer 1

The interest for 8 years is $2.10

Explanation:

Principal amount (p) = $6.57

Rate of interest (r) = 4%

Time (t) = 8 years

Interest = (p x r x t) /100

= (6.57 x 4 x 8) /100

= 210.24/100

= 2.10

The interest for 8 years is $2.10