brendan has $200 in a saving account with a 1% interest rate. using the formula for simple interest, how much will he earn in in

Question

2 years ago

8

terest after 7 years?

1 answer:

mylen [45] · Answer 1 · 2022-09-21T08:24:48+03:00

answer:

$14

step-by-step explanation:

the formula for simple interest is-

i=prt

meaning interest=principal (the starting amount of money) * rate * time

=200*0.01*7

(we have to turn 1% into a decimal so 1/100=0.01)

=14

i=14

good luck :)

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