Question

harlie invests $325 in an account that pays 8% simple interest for 15 years. Use the simple interest formula, I = P ∙ r ∙ t, to answer the following questions.   How much interest will Charlie’s initial investment earn over the 15-year period? How much money does Charlie have after the 15 years?

Answer 1

390 oop

Explanation:

Answer 2

$390 is the interest will Charlie’s initial investment earn over the 15-year period. The money does Charlie have after the 15 years is $715.

Explanation:

Harlie invests $325 in an account.

• Principal, P = $325
• Interest rate, r = 8% ⇒ 0.08
• Number of years, t = 15

The formula to find the interest will Charlie’s initial investment earn over the 15-year period :

⇒
`I = Prt`

⇒
`325* 0.08*15`

⇒
`390`

Therefore, $390 is the interest will Charlie’s initial investment earn over the 15-year period.

Money Charlie has after 15 years :

It is given by the formula,

⇒ Amount = Principal + Interest.

⇒ 325 + 390

⇒ 715 dollars.

∴ The money does Charlie have after the 15 years is $715.