A 1,595 deposit for 10 years at a simple interest rate of 8% Interest: Total value:

Question

asked Jan 2, 2021 219k views

2 Answers

ChrisD · Answer 1 · 2021-01-06T08:45:15+0000

Answer: interest =1276

Total value=2871

Explanation:

Interest= principal ×rate×time/100

Let interest be I

Principal be P

Rate be R

Time be T

I=p×r×t/100

P=1595

R=8

T=10

Substitute for the values

I=1595×8×10/100

I=1276

So Interest is 1276

Total value at the end of 10yrs will be

Principal +Interest

=1276+1595

=2871

Total value=2871