Khalid invested $9500 in a savings account with a yearly interest rate of 3% for 8 years. How much simple interest did he earn?

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asked Apr 18, 2018 145k views

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Sergiu Marsavela · Answer 1 · 2018-04-19T10:47:08+0000

So simple interest, you don't compound anything, you will always add 3% from $9500 and it will not change. The equation will look like this:

9500*[1+(0.03*8)]
giving us 9500*1.24 = $11,780

Khalid invested $9500 in a savings account with a yearly interest rate of 3% for 8 years. How much simple interest did he earn?

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