Question

Edward deposited $9,500 into savings account 2 years ago. The simple interest rate is 4%. How much money did Edward earn in interest ? What would be his new account balance

Answer 1

$760 earned in intrest

$10260 new account balance

Explanation:

First we have to find 4% of 9500

use the formuala

`(4)/(100) =(x)/(9500)`

4×9500=38000

38000÷100=380

now 380×2=760

add 760 to 9500 for new account balance