tammy deposits $8,000 into an account that pays simple interest at a rate of 3% per year how much interest will she be paid in the first 4 years

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25-10-2022
Mathematics

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tammy deposits $8,000 into an account that pays simple interest at a rate of 3% per year how much interest will she be paid in the first 4 years

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KamorraU400004 KamorraU400004 · Answer 1 · 2022-10-25T20:13:13+02:00

KamorraU400004 KamorraU400004

25-10-2022

[tex]\begin{gathered} \text{Simple interest = }\frac{\text{PRT}}{100} \\ P=\text{ principal}=8000 \\ R=\text{rate}=2\text{ \%} \\ T=\text{Time}=4 \\ \text{simple interest = }\frac{8000\times3\times4}{100} \\ \text{simple interest=}\frac{96000}{100} \\ \text{simple interest=\$960} \end{gathered}[/tex]

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