Question

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

Answer 1

$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.