Question

Jina deposits $8000 into an account that pays simple interest at a rate of 5% per year. How much interest will she be paid in the first 2 year?

Answer 1

$800

Explanation:

1. Since we know that it is simple interest for 2 years we can use the equation for simple interest which is A = P (1 + rt) where

A = final amount

P = initial balance

r = yearly interest rate

t = time (in years)

2. Input our numbers into this equation

A = 8000(1 + 0.05 x 2) (we converted our percentage into a decimal by dividing by a 100)

either using a calculator or working it out on paper we get the answer

$8800

3. If you want to work out only the money earned by the interest we can subtract the original amount from the gained amount so

8800-8000 = $800

Answer 2

Answer:To calculate the interest Jina will be paid in the first 2 years, we can use the formula for simple interest:

Interest = Principal * Rate * Time

In this case, the principal (P) is $8000, the rate (R) is 5% per year, and the time (T) is 2 years. Plugging these values into the formula, we get:

Interest = $8000 * 0.05 * 2

Interest = $800

Therefore, Jina will be paid $800 in interest over the first 2 years.

Explanation:

hope this helps