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Elina [12.6K]
3 years ago
13

Anna invests $875 into an account and receives 4% simple interest for 24 months. How much simple interest will she earn??

Mathematics
2 answers:
Andrew [12]3 years ago
5 0

Answer:

£70

Step-by-step explanation:

simple interest (I) is calculated as

I = \frac{PRT}{100}

where P is principal, R is rate of interest and T is time in years.

Note that 24 months = 2 years, thus

I = \frac{875(4)(2)}{100} = \frac{7000}{100} = £70

Lorico [155]3 years ago
3 0

Answer:

$70

Step-by-step explanation:

1. I = PRT

2. Sub in what you know into the equation:

I = $875 (principal amount) x 0.04 (4%) x 2 (24 months = 2 years)

3. 875 x 0.04 x 2 = 70

4. Anna will receive $70 in simple interest

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