James deposited $8000 into a savings account that earns simple interest. If his interest rate is 5% per year and he leaves it there for 4 years, how much interest will he earn? Work needs to be shown.

a) $1,600

b) $160,000

c) $8,009

d) $16,000

Show the work please

Question

James deposited $8000 into a savings account that earns simple interest. If his interest rate is 5% per year and he leaves it there for 4 years, how much interest will he earn? Work needs to be shown.

a) $1,600

b) $160,000

c) $8,009

d) $16,000

Show the work please

tkhunny · Answer

I = Prt

P = 8000
r = 0.05
t = 4

Go!