harlie invests $325 in an account that pays 8% simple interest for 15 years. Use the simple interest formula, I = P ∙ r ∙ t, to

Question

3 years ago

9

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?

Mathematics

2 answers:

Scrat [10] · Answer 1 · 2022-01-06T10:11:32+03:00

Scrat [10]3 years ago

6 0

Answer:

390 oop

Step-by-step explanation:

Alina [70] · Answer 2 · 2022-01-06T08:28:56+03:00

$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.

Step-by-step 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 :

⇒ $I = Prt$

⇒ $325\times 0.08\times15$

⇒ $390$

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.