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  • 23-05-2021
  • Mathematics
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Naneth deposited php1. 200in a savings account that pays 4%interest in 1 year. How much interest will her money earn in a year?

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nuuk nuuk
  • 23-05-2021

Answer: 8

Step-by-step explanation:

Given

Money deposited [tex]P=200[/tex]

Interest rate [tex]R=4\%[/tex]

Time period [tex]T=1\ yr[/tex]

For a year simple and compound interest is the same

[tex]\therefore \text{Interest}=\dfrac{P\times R\times T}{100}\\\\\Rightarrow \text{Interest}=\dfrac{200\times 4\times 1}{100}\\\\\Rightarrow 8[/tex]

Thus, interest earned is 8 units

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