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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07-07-2015
Mathematics

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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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srijanarao2012 srijanarao2012 · Answer 1 · 2015-07-07T03:25:10+02:00

srijanarao2012 srijanarao2012

07-07-2015

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

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