Question

$800 deposit over 10 years with an interest rate of 2%

Answer 1

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