The amount of interest he would earn in one (1) year is equal to $80.
<u>Given the following data:</u>
- Interest rate = 10% = 0.1
- Principal = $800
- Time = 1 year
To determine how much interest he would earn in one (1) year:
<h3>How to calculate simple interest</h3>Mathematically, simple interest is given by this formula:
<u>Where:</u>
- S.I is the simple interest.
- P is the principal or starting amount.
- R is the interest rate.
- T is the time measured in years.
Substituting the given parameters into the formula, we have;
Simple interest = $80
Read more on simple interest here: brainly.com/question/24341207
