Question

ryan deposits $775 in an account that pays 1.24% simple interest for four years. Brian deposits $775 in an account thats 1.24% simple interest for one year

Answer 1

Answer:

Principal (p) = $775

Rate of interest (r) = 4.24% = 0.0424

No of years/time (t) = 4 years

Simple interest = ptr

= 775 × 4 × 0.0424

= 131.44 dollars

Hence simple interest after 4 years is $131.44

Amount = simple interest + principal

= 775 + 131.44

= 906.44 dollars

Hence amount after 4 years is $906.44

RESULT

906.44 dollars

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