$745 is deposited into an account that earns 4% simple interest for 8 years. How much interest is earned in 1 year?

Question

$745 is deposited into an account that earns 4% simple interest for 8 years.
How much interest is earned in 1 year?

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Thiên Ân 5 years 2021-08-18T12:52:05+00:00 1 Answers 29 views 0

Answers ( )

  1. Farah
    0
    2021-08-18T12:53:21+00:00
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    9514 1404 393

    Answer:

      $29.80

    Step-by-step explanation:

    The interest earned in 1 year is …

      I = Prt

      I = $745·0.04·1 = $29.80

    $29.80 interest is earned in 1 year.

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