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What is the total amount after 2 years if $800 is invested at a simple interest

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Question: What is the total amount after 2 years if $800 is invested at a simple interest rate of 3% per annum?

Options:

  1. $824
  2. $840
  3. $848
  4. $860

Correct Answer: $848

Solution: 

Simple Interest = 800 × 3 × 2 / 100 = $48. Total Amount = Principal + Interest = 800 + 48 = $848.

What is the total amount after 2 years if $800 is invested at a simple interest

Practice Questions

Q1
What is the total amount after 2 years if $800 is invested at a simple interest rate of 3% per annum?
  1. $824
  2. $840
  3. $848
  4. $860

Questions & Step-by-Step Solutions

What is the total amount after 2 years if $800 is invested at a simple interest rate of 3% per annum?
No concepts available.
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