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11 April, 13:53

Compute the amount of interest earned in the following simple interest problem. A deposit of $100 at 8% for 20 years =

1160

116.00

1160.00

11,600 00

+4
Answers (1)
  1. 11 April, 14:11
    0
    The amount of interest earned is US$ 160 and none of the alternatives is correct.

    Step-by-step explanation:

    Let's use the formula for calculating the interest in a simple interest problem, this way:

    Interest earned = (Principal * Interest rate * time in years)

    Replacing with the real values, we have:

    Interest earned = (100 * 0.08 * 20)

    Interest earned = 160

    The amount of interest earned is US$ 160 and none of the alternatives is correct.
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