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Elodia [21]
3 years ago
13

Charlie deposits $4000 into an account that pays simple interest at a rate of 2% per yearHow much interest will be be paid in th

e first years?
Mathematics
1 answer:
LekaFEV [45]3 years ago
3 0

Answer:

The interest to be paid in the first year is $80

Step-by-step explanation:

Simple Interest = p×R×T  / 100

WHERE p= principal   R= rate and t=times in year

we are given principal (p) = $4000

Rate (R) =  2     and Time T=1

We can now proceed to plug in our values in the formula

Interest = P×R×T  / 100

             =$4000×2×1  / 100    (The two zeros at the denominator will cancel-out two zeros at the numerator, we will be left with just 0 zero at the numerator)

             =40 × 2×1

              =$80

 

Therefore the interest to be paid in the first year is $80

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