Question

Find the simple interest accrued on a $500 investment made for 2 years at an interest rate of 8% per year.

Answer 1

3,125 i think sorry if this is incorrect....

Explanation:

Answer:

P = $ 3,125.00

Equation:

P = I / rt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 8%/100 = 0.08 per year,

then, solving our equation

P = 500 / ( 0.08 × 2 ) = 3125

P = $ 3,125.00

The principal required to

accumulate interest of $ 500.00

on a rate of 8% per year for 2 years is $ 3,125.00.