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Compute the amount of interest earned in the following simple interest problem. A deposit of $100 at 8% for 20 years = _____. $1.60 $16.00 $160.00 $1,600.00

Compute the amount of interest earned in the following simple interest problem. A deposit of $100 at 8% for 20 years = _____. $1.60 $16.00 $160.00 $1,600.00
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5 votes
Compute the amount of interest earned in the following simple interest problem. A deposit of $100 at 8% for 20 years = _____.

$1.60
$16.00
$160.00
$1,600.00

asked
User Timle
by
7.9k points

2 Answers

4 votes
total deposits: 24,000.00
interest earned: 35,294.72

total savings: 59,294.72
answered
User Hepabolu
by
9.0k points
3 votes
The answer is $160. Hope I helped.
answered
User StephenTG
by
8.6k points
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