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A sum of $800 is invested at a rate of 5% per annum. What will be the total amou

Practice Questions

Q1
A sum of $800 is invested at a rate of 5% per annum. What will be the total amount after 3 years using simple interest?
  1. $920
  2. $840
  3. $860
  4. $880

Questions & Step-by-Step Solutions

A sum of $800 is invested at a rate of 5% per annum. What will be the total amount after 3 years using simple interest?
  • Simple Interest Calculation – Understanding how to calculate simple interest using the formula: Interest = Principal * Rate * Time.
  • Total Amount Calculation – Knowing how to find the total amount by adding the principal to the calculated interest.
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