Answer:
Step-by-step explanation:
The simple interest formula is
I = Prt, where I is the interest earned, P is the initial investment, r is the interest rate in decimal form, and t is the time in years. We have that after 2 years, 9000 has turned into 10440. That means that the total interest earned was 10440 - 9000 = 1440
I = 1440
P = 9000
r = ?
t = 2
Filling in we have
1440 = 9000(r)(2) and
1440 = 18000r so
r = .08
As an interest rate, we multiply this by 100 to get 8%
$4,997 paycheck - $4325 bonus = $672 earnt
$672 earnt / $16 per hour = 42 hours
Devin worked:
42 hours
