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777dan777 [17]
2 years ago
7

Carlos deposits $800 into an account that pays simple interest at a rate of 5% per year. How much interest will he be paid in th

e first 4 years?
Mathematics
1 answer:
Anni [7]2 years ago
6 0

Answer:

640

Step-by-step explanation:

800x4=3200

3200-20%

=640

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~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$5000\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{semiannually, thus twice} \end{array}\dotfill &2\\ t=years\dotfill &19 \end{cases} \\\\\\ A=5000\left(1+\frac{0.08}{2}\right)^{2\cdot 19}\implies A\approx 22194.067 \\\\[-0.35em] ~\dotfill

~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$5000\\ r=rate\to 8\%\to \frac{8}{100}\dotfill &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &19 \end{cases} \\\\\\ A=5000\left(1+\frac{0.08}{1}\right)^{1\cdot 19}\implies A\approx 21578.505

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3 years ago
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