SOLUTION: austin deposits 4000 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 5 years?

Question 1204457: austin deposits 4000 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 5 years?

Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!

austin deposits 4000 into an account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 5 years?
Principal P= 4000
Rate = 4% =0.04
time = 5 years
SI = 4000*0.04*5
= 800
Interest paid in 5 years 800
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