Answer to Question #236903 in Financial Math for flynn

Question

If an investment of $400 pays 8% simple interest per year, then what would be the value of the investment after 3 years

Answer 1

$S. I=\frac {P×R×T} {100}$

$S. I=\frac {400×8×3}{100}$

$S. I=\$96$

Value of the investment after 3 years=($400+$96)=$496