NEED HELP ASAP: Abbi invested $1,000 in a certificate of deposit with a simple interest rate of 4%. Find the interest earned in

Question

4 years ago

10

8 years. Then find the total of principal plus interest.

2 answers:

svlad2 [7] · Answer 1 · 2022-01-10T13:01:35+03:00

svlad2 [7]4 years ago

4 0

The 8 year Intrest is $320

kkurt [141] · Answer 2 · 2022-01-10T14:40:37+03:00

Answer:

Therefore, Abby earned $320 in interest.

Abby earned a total amount of $1,320.

Step-by-step explanation:

We have been given that Abbi invested $1,000 in a certificate of deposit with a simple interest rate of 4%.

To find the amount of interest, we will use simple interest formula.

$I=Prt$ , where,

I = Amount of interest,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

Let us convert our given interest rate in decimal form.

$4\%=\frac{4}{100}=0.04$

$I=\$1,000*0.04*8$

$I=\$1,000*0.32$

$I=\$320$

Therefore, Abby earned $320 in interest.

To find the total of principal plus interest, we will add $320 to $1000 as:

$\text{Total amount}=\$1,000+\$320$

$\text{Total amount}=\$1,320$

Therefore, Abby earned a total amount of $1,320.