Answer:
$1500
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 20%/100 = 0.2 per year,
then, solving our equation
I = 500 × 0.2 × 10 = 1000
I = $ 1,000.00
The simple interest accumulated
on a principal of $ 500.00
at a rate of 20% per year
for 10 years is $ 1,000.00.
