Question

Compute the amount of interest earned in the following simple interest problem. A deposit of $800 at 3.5% for 7 years = _____.

Answer 1

Answer:

Option: b is the correct answer.

                 b.  $ 196.00

Step-by-step explanation:

The principal amount is given by: P=$ 800

The rate of interest is given by: R=3.5%

The time period is given  by: T=7 years.

We know that the simple interest(S.I.) on a principal amount P at some rate of interest R and for a time period T is calculated by the formula:

$S.I.=\dfrac{P\times R\times T}{100}$

Hence, we get:

$S.I.=\dfrac{800\times 3.5\times 7}{100}\\\\\\S.I.=196$

The amount of interest earned in the following simple interest problem is:

                            b.  $ 196.00

Answer 2

I just learned this.


The answer is b