SOLUTION: If a person deposits $8000 dollars in a bank account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 4 years. I would just li

SOLUTION: If a person deposits $8000 dollars in a bank account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 4 years. I would just li

Algebra.Com

Question 715115:
If a person deposits $8000 dollars in a bank account that pays simple interest at a rate of 4% per year. How much interest will he be paid in the first 4 years. I would just like a formula please.
Thanks for your help and time,
Oliver
Answer by checkley79(3341) (Show Source): You can put this solution on YOUR website!
P(1+I)^T
8000(1+.04)^4
8000*1.04^4
8000*1.17=$9,258.87 ANS.
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