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MrRa [10]
3 years ago
15

*HELP PLEASE* How much money will Sarah have in her account if she deposits $2,700 and she invests in a simple interest savings

account with a 3.5% interests rate for 8 years
Mathematics
2 answers:
Yuri [45]3 years ago
7 0

Answer:

3456

Step-by-step explanation:

Rzqust [24]3 years ago
4 0

Answer:

$3456

Step-by-step explanation:

We are given;

  • Money deposited (principle) as $2,700
  • Rate of interest is 3.5%
  • Time is 8 years

We are required to determine the amount that will remain after 8 years

  • We first need to determine the interest earned after eight years using the simple interest formula.

Simple interest = (Principle × rate × interest periods) ÷ 100

Therefore;

Interest = ($2,700 × 3.5% × 8 yrs)÷ 100

            = $756

Then determine the amount after 8 years

Amount = Principle + Interest

Therefore;

Amount = $2700 + $756

             = $3,456

Therefore, the money in the account after 8 years is $3456

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