Question

If the balance at the end of 8 years on an investment of $575.13 that has been invested at a rate of 9% is $989.22, how much was the interest?

Answer 1

The interest earned on the investment was $414.09.

Explanation:

To calculate the interest earned on the investment, we need to find the difference between the ending balance and the initial investment.

The initial investment was $575.13, and the ending balance after 8 years at a rate of 9% was $989.22.

So, the interest earned can be calculated as:

Ending balance - Initial investment = Interest earned

$989.22 - $575.13 = $414.09