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4 years ago

Kanye deposits 3850 at 8% annual simple interest for 1 year how much interest will he earn

Mathematics

1 answer:

aalyn [17]4 years ago

7 0

Answer:

308

Step-by-step explanation:

We are given;

Money deposited (Principal) as 3850
Annual rate of interest as 8%
Period or time = 1 year

We are required to determine the interest accrued;

We are going to use the formula of calculating simple interest;
Simple interest = (P × R × T)/100

Where P is the principal, R is the rate while T is the time.

Therefore;

Simple interest = (3850 × 8 × 1) ÷ 100

= 308

Therefore, the money earned simple interest of 308 within 1 year

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