$800 deposit over 10 years with an interest rate of 2%
1 answer:
Answer:
the interest is 960.
Step-by-step explanation:
the formula: I=prt i=interest p= pricipal [the money you start with]
r= rate t= time
I=? I= 800 (0.02) (10)
P= $800 I= 160+ 800 {because $160 is added}
R= 2% --> 0.02 [as a decimal] I= $960
T= 10 years
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