Question

You deposit $800 in a bank account for 2 years that earns a 4% simple interest.

Answer 1

Answer:

1. $64

2. $864 after two years

Step-by-step explanation:

Interest formula: P x R x T /100 = interest

Principle: $800

Rate: 4% = 0.04%

Time: 2 years

800 x 0.04 x 2 = 64

64/100 = .64 = $64

$800 + $64 = $864

                               

Answer 2

Answer:

Step-by-step explanation:

P = $ 800

r = 4%

t = 2 years

$Interest=\frac{Prt}{100}\\\\=\frac{800*4*2}{100}\\\\=8*4*2$

= $64

Money in the bank after 2 years = 800 + 64 = $864