Question

If the balance at the end of eight years on an investment of $700 that has been invested at a rate of 5% is $980 how much was the interest

Answer 1

To calculate the interest earned on an investment, we need to subtract the initial investment from the final balance.

The initial investment is $700, and the final balance after 8 years of investment at a rate of 5% is $980.

The interest earned can be calculated as:

Final balance - Initial investment = Interest earned

$980 - $700 = $280

Therefore, the interest earned on the investment of $700 at a rate of 5% for 8 years is $280.