Steve will earn $160 interest after four years ⇒ 1st answer
Step-by-step explanation:
The formula of the simple interest is I = Prt, where
- P is the initial deposit
- r is the annual rate in decimal
- t is the time of investment
∵ Steve opens a bank account with a simple annual interest rate of 5%
∴ r = 5% = 5 ÷ 100 = 0.05
∵ His initial deposit is $800
∵ He will put the money for four years
∴ t = 4
- Substitute all these values in the formula above
∵ I = 800(0.05)(4)
∴ I = 160
Steve will earn $160 interest after four years
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