Kanye deposits 3850 at 8% annual simple interest for 1 year how much interest will he earn

308

Step-by-step explanation:

We are given;

Money deposited (Principal) as 3850 Annual rate of interest as 8% Period or time = 1 year

We are required to determine the interest accrued;

We are going to use the formula of calculating simple interest; Simple interest = (P * R * T) / 100

Where P is the principal, R is the rate while T is the time.

Therefore;

Simple interest = (3850 * 8 * 1) : 100

= 308

Therefore, the money earned simple interest of 308 within 1 year