MATH SOLVE

3 months ago

Q:
# Find the simple interest on a $1000 investment made for 4 years at an interest rate of 7% / year. What is the accumulated amount?

Accepted Solution

A:

Answer:The accumulated amount after 4 years is $1280.Step-by-step explanation:Principal = $1000Time = 4 yearsRate of Interest = 7%SIMPLE INTEREST = [tex]\frac{P \times R \times T}{100}[/tex]⇒SI = [tex]\frac{1000 \times 7 \times 4}{100} = 280[/tex]or, the amount of simple Interest = $280Now, Accumulated Amount = Principal Amount + Simple Interest = $1000 + $280 = $1280Hence, the accumulated amount after 4 years is $1280.