Boris deposits $400 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 4 years

Question

Mathematics

Gloria Molina

21 April, 16:32

Boris deposits $400 into an account that pays simple interest at a rate of 2% per year. How much interest will he be paid in the first 4 years

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Answers (1)

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Ann Simpson · Answer 1

Simple interest formula = principle x rate x time

principle = $400

rate = 2% or 0.02

time = 4 years

so, SI = 400*0.02*4

SI = $ 32

Boris will pay an interest amount of $32