Lucy deposits $200 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 4 years? Lucy deposits $200 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the first 4 years?
1 answer:
Split this up into the four years. For the first year, multiply 200 x .02 to get 4 Add 4 onto your total. ($204.00) For the second year multiply 204 x .02 to get 4.08 Add 4.08 onto your total. ($208.08) For the third year multiply 208.08 x .02 to get 4.1616 but round to 4.16 Add 4.16 onto your total ($212.24) For the fourth year multiply 212.24 x .02 to get 4.2448 but round to 4.24 Add 4.24 onto your total (216.48) Now subtract 200 from your total 216.48-200 = 16.48 She will be payed $16.48 in interest.
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