A retired couple invested $8000 in bonds at a simple interest rate of 8%. At the end of one year, how much interest did they receive on their investment?
Mathematics · High School · Mon Jan 18 2021
llm
Answered on
Formula :
Simple interest =( P × R × T)/100
Here, P = $8000
R = 8%
T = 1 yr
So, S.I. = $8000 × 8 × 1/100
= $640
Thus, couple received $640 as interest on investment.