Question

What is the interest on a. deposit of $1000 with an interest rate of 1% for 10 years?

Answer 1

Answer:

$100

Step-by-step explanation:

P is the principal amount, $1000.00.

r is the interest rate, 1% per year, or in decimal form, 1/100=0.01.

t is the time involved, 10....year(s) time periods.

So, t is 10....year time periods.

To find the simple interest, we multiply 1000 × 0.01 × 10 to get that:

:)hope this helps