Question

Mr Mitchell deposit 40 000 in the bank and earned simple intrest ay 7% per annum for two year​

Answer 1

5600

Step-by-step explanation:

Given parameters:

Principal = 40000

Rate = 7%

time = 2yrs

Unknown:

Interest = ?

Solution:

To find the interest accrued on this principal, we use the expression below;

I =
`(PRT)/(100)`

p = principal

R = rate

T = time

Insert the parameters and solve;

I =
`(40000 x 7 x 2)/(100)` = 5600

The interest accrued is 5600