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I invest $350 in a simple interest account that earns 8%. how much interest will I make after 3.5 years

User Dukable
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1 Answer

1 vote

Answer:

$98

Step-by-step explanation:

To determine the simple interest that will be earned on a principal(P), we use the formula:


Simple\: Interest=(Principal* Rate* Time)/(100)

From the question:

• Principal = $350

,

• Rate = 8%

,

• Time = 3.5 years

Substituting these values, we have:


\begin{gathered} Simple\: Interest=(350*8*3.5)/(100) \\ =(9800)/(100) \\ =98 \end{gathered}

The interest you will make after 3.5 years is $98.

User Youval Bronicki
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