Calculate the amount of interest you'll have at the end of the indicated period.
-You invest $800 in an account that pays simple interest of 4% for 5 year(s).

Question

Quizplus · Accepted Answer

Simple interest is calculated using the formula $I = P \times r \times t$, where $I$ is the interest, $P$ is the principal amount ($800), $r$ is the annual interest rate (4% or 0.04), and $t$ is the time in years (5). Thus, $I = 800 \times 0.04 \times 5 = $160.00$.

Calculate the Amount of Interest You'll Have at the End