Question

Christine deposits $700 into an account that pays simple interest at a rate of 2 per year. How much interest will she be paid in the first 4 years?

Answer 1

Answer:

$56

Step-by-step explanation:

A=P(1+i.n)

A is final amount

P is amount deposited

i is interest rate

n is number os years

A = $700(1+2%×4)

=$756

$756-$700=$56