Question

Marissa has a savings account with $350 in it that earns 3.9% simple interest per year How much interest, to the nearest penny, will Marissa earn in 8 years?​

Answer 1

To calculate the amount of interest Marissa will earn in 8 years on her savings account, we can use the formula for simple interest:

I = P * r * t

where:

I = interest earned

P = principal (initial amount in the account)

r = interest rate per year (as a decimal)

t = time period (in years)

Plugging in the given values, we get:

I = $350 * 0.039 * 8

I = $109.20

Therefore, Marissa will earn $109.20 in interest over 8 years.