Question

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

Answer 1

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