Question

Michael deposited $1000 in his bank

account at a simple interest rate of
8% for 4 years
Interest:
Total:​

Answer 1

Interest =$320

Total=$1320

Explanation:

principal p =$1000

rate r =8%

time t=4yrs

interest, i =p*r*t/100

=1000*8*4/100

=10*8*4=$320

total amount =p+i

=1000+320=$1320