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25 October, 07:45

Hannah earned $1536 in 8 years on an investment at a 4% annual simple interest rate. How much was Hannah's investment?

$3072

$491.52

$768

$4800

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Answers (1)
  1. 25 October, 08:32
    0
    Option B - $491.52

    Step-by-step explanation:

    Given: Hannah earned $1536 in 8 years on an investment at a 4% annual simple interest rate.

    To find : How much was Hannah's investment

    Solution : Investment = Principal * rate * time

    Principal = $1536

    Rate = 4% = 0.04

    Time = 8 years

    Investment = Principal * rate * time

    Investment = 1536 * 0.04 * 8

    Investment = 491.52

    Therefore, Option B is correct - $491.52
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