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Penny deposits $800 into a bank account for 5 years. If the account has a 6% yearly simple interest rate, what is the interest?

Penny deposits $800 into a bank account for 5 years. If the account has a 6% yearly simple interest rate, what is the interest?
asked 124k views
1 vote
Penny deposits $800 into a bank account for 5 years. If the account has a 6% yearly simple interest rate, what is the interest?

asked
User JerH
by
8.2k points

2 Answers

3 votes

Answer:

48 for one year 240 for all five years

Explanation:

answered
User Mzulch
by
8.1k points
2 votes
800*5 is 4,000.00
4,000.00* 6% is 240.00
answered
User Newbyte
by
8.1k points
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