Question

I invest $350 in a simple interest account that earns 8%. how much interest will I make after 3.5 years

Answer 1

Answer:

$98

Explanation:

To determine the simple interest that will be earned on a principal(P), we use the formula:

$Simple\: Interest=\frac{Principal\times Rate\times Time}{100}$

From the question:

• Principal = $350

,

• Rate = 8%

,

• Time = 3.5 years

Substituting these values, we have:

$\begin{gathered} Simple\: Interest=\frac{350\times8\times3.5}{100} \\ =\frac{9800}{100} \\ =98 \end{gathered}$

The interest you will make after 3.5 years is $98.