KingSavage4885 KingSavage4885
  • 25-01-2021
  • Mathematics
contestada

If a thousand dollars is put into a bank account each year the account earns 7% simple interest in 4 years how much interest would it have gained

Respuesta :

aquialaska aquialaska
  • 27-01-2021

Answer:

$280

Step-by-step explanation:

According to the problem, calculation of the given data are as follows:

Principal amount (P) = $1,000

Rate of interest (r) = 7%

Time period (t) = 4 years

Here we use simple interest formula to calculate interest after 4 years.

I = P × r × t

By putting the value, we get

I = $1,000 × 7% × 4

= $70 × 4

= $280

Answer Link

Otras preguntas

There are 15 students on the debate team. Of these, 3 are boys. Give the ratio of boys to girls on the debate team in simplest form.​
plzzzzz help tomorrow is my maths test​
can you guys help, plz i dont understand it
log 2 x=a then what is logx 36​
PLEASE HELP!!!! refer to the diagram below, which of the following is the best predictor of what would happen if the distance across section 1 in the diagram we
Suppose that you plan on taking a summer job selling magazine subscriptions. The magazine company will pay you 75 cents for selling the first subscription. For
A parenthetic expression changes the meaning of a sentence.
Marco earns $16 an hour plus $21 an hour for every hour of overtime. Overtime hours are any hours more than 35 hours for the week. Part A: Create an equation th
Pleas help I am brainliesting
daddy please help a + b = b + a UwU