Question

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Answer 1

The simple interest formula is given by

`A=P* r* t`

where A is the future value, P is the initial value (Principal), r is the rate and t is the time. In our case P=1200, r=0.08 and t= 2 years. By substituting these values into our formula, we get

`\begin{gathered} A=1200*0.08*2 \\ A=192 \end{gathered}`

then, the answer is option a: $192