SOLUTION: How much simple interest will be earned by an account if $500 is invested at 4% annual interest for 1 year

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Question 98818: How much simple interest will be earned by an account if $500 is invested at 4% annual interest for 1 year
Answer by malakumar_kos@yahoo.com(315) About Me  (Show Source):
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How much simple interest will be earned by an account if $500 is invested at 4% annual interest for 1 year
S.I = PTR/100 where P = $500 , T = 1 yr and R = 4%
= $500x1x4/100
= $20