A city's population grows by about 3% each year. If the city's population is 63,000 people
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Simple interest calculates interest on initial amount only. The investment by Hannah was : Option A: $4800
<h3>How to calculate simple interest amount if rate of interest is R% annually?</h3>Suppose that the initial amount of investment is P
And the rate of simple interest is R% annually,
And the time of investment is T years.
Then, the amount of simple interest is calculated as:
For the given case, let the initial investment Hannah made was of $P
Then, the time of investment is T = 8 years, R% = 4%, and given that Hannah earned interest I = $1536
Putting values in the above formula, we get;
Thus,
The investment by Hannah was : Option A: $4800
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