Question

Sara invests ?9600 at a simple interest rate of 8% per year. Work out the value of the investment after 3 years

Answer 1

$ 11,904

The formula is A = Prt to find the amount of simple interest earned.

P = principal or original amount of investment
r = rate of interest (in decimal form)
t = time in terms of years

A = (9600)(.08)(3)
A = $ 2304

$9600 + $2304 = $11,904