Find the simple interest on a $200 investment made for 5 years at an interest rate of 8%/year. What is the accumulated amount?
A) The simple interest is $80,
The accumulated amount is $280.
B) The simple interest is $105,
The accumulated amount is $255.
C) The simple interest is $100,
The accumulated amount is $300.
D) The simple interest is $95,
The accumulated amount is $265.

Question

Find the simple interest on a $200 investment made for 5 years at an interest rate of 8%/year. What is the accumulated amount? ​
A) The simple interest is $80,
The accumulated amount is $280.
B) The simple interest is $105,
The accumulated amount is $255.
C) The simple interest is $100,
The accumulated amount is $300.
D) The simple interest is $95,
The accumulated amount is $265.

Quizplus · Accepted Answer

Simple interest is calculated as: 
Simple Interest = (Principal * Rate * Time)/100
= (200 * 8 * 5)/100
= $80
Accumulated amount = Principal + Simple interest
= $200 + $80
= $280

Find the Simple Interest on a $200 Investment Made for 5