Question

Delilah deposits $8,255 in an account that pays 4.2% simple interest. How much money will be in her account after 8 years?

A.$2,773.69
B.$11,028,68
C.$12,254,66
D.$27,736,80

Answer 1

B. 11,028.68

I = PRT where I = interest earned, P = principal/money deposited, R = interest rate in decimal form, and T = time in years

Plugging in what we know:
I = (8255)(0.042)(8)
I = 2773.68

Add that to the principal
8,255 + 2,773.68 = 11,028.68

Answer 2

$11,028.68

Explanation:

As we all know, the simple interest formula is as follows:

`P(1+rt)`

Wherein:

P = Principal amount

r = rate (in percentage so, rate/100)

t = time (in years)

Hence, when we substitute in these values,

`8255(1+(4.2/100)*8)`

= $11,028,68

it will be 4.2/100 as it is percentage form.