Answer:
The accumulated amount after 4 years is $1280.
Step-by-step explanation:
Principal = $1000
Time = 4 years
Rate of Interest = 7%
SIMPLE INTEREST = [tex]\frac{P \times R \times T}{100}[/tex]
⇒SI = [tex]\frac{1000 \times 7 \times 4}{100} = 280[/tex]
or, the amount of simple Interest = $280
Now, Accumulated Amount = Principal Amount + Simple Interest
= $1000 + $280
= $1280
Hence, the accumulated amount after 4 years is $1280.
