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26 August, 05:44

Michael deposited $1000 in his bank

account at a simple interest rate of

8% for 4 years

Interest:

Total:

+3
Answers (1)
  1. 26 August, 08:48
    0
    Interest = $320

    Total=$1320

    Step-by-step explanation:

    principal p = $1000

    rate r = 8%

    time t=4yrs

    interest, i = p*r*t/100

    =1000*8*4/100

    =10*8*4=$320

    total amount = p+i

    =1000+320=$1320
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