Answer:
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
