Calculate the amount of simple interest earned
$1,000 at 4% for 4 years

$160

Step-by-step explanation:

A = $1,160.00

I = A - P = $160.00

Equation:

A = P(1 + rt)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 4%/100 = 0.04 per year.

Solving our equation:

A = 1000(1 + (0.04 × 4)) = 1160

A = $1,160.00

The total amount accrued, principal plus interest, from simple interest on a principal of $1,000.00 at a rate of 4% per year for 4 years is $1,160.00.

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step-by-step explanation: