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Afina-wow [57]
2 years ago
14

Mary deposits $400 into an account that pays simple interest at a rate of 2% per year. How much interest will she be paid in the

first 2 years?
Mathematics
2 answers:
Nady [450]2 years ago
8 0

Answer:

Mary paid interest $16 in the first 2 years.

Step-by-step explanation:

As per given question we have provided that :

  • ➠ Principal = $400
  • ➠ Time = 2 years
  • ➠ Rate = 2% per annum

Here's the required formula to find the Principal :

{\longrightarrow{\pmb{\tt{I= \dfrac{PRT}{100}}}}}

  • ↝ I = Interest
  • ↝ P = Principal
  • ↝ R = Rate
  • ↝ T = Time

Substituting all the given values in the formula to find the Principal :

{\longmapsto{\sf{Interest= \dfrac{PRT}{100}}}}

{\longmapsto{\sf{Interest= \dfrac{P \times R \times T}{100}}}}

{\longmapsto{\sf{Interest= \dfrac{400 \times 2 \times 2}{100}}}}

{\longmapsto{\sf{Interest= \dfrac{4 \cancel{00} \times 2 \times 2}{1 \cancel{00}}}}}

{\longmapsto{\sf{Interest= 4 \times 2 \times 2}}}

{\longmapsto{\sf{Interest= 8 \times 2}}}

{\longmapsto{\sf{Interest = \$16}}}

\star{\underline{\boxed{\sf{\purple{Interest = \$16}}}}}

Hence, the interest is $16.

\rule{300}{2.5}

yawa3891 [41]2 years ago
3 0

Answer:

$16

Step-by-step explanation:

Simple interest is based on the principal amount of a loan or deposit, whereas compound interest is based on the principal amount and the interest that accumulates on it in every period.

Simple Interest = P x r x n

where P = Principal amount, r = Annual interest rate, n = Term of loan, in years​

2% = 2 ÷ 100 = 0.02  so r = 0.02

Therefore,  

Simple Interest = 400 x 0.02 x 2 = 16

So she will be paid $16 in the first two years.

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