An amount of $8,000 is invested at a simple interest rate of 1.5%. What is the total amount after 3 years?
2 answers:
For simple interest, the interest for each year is calculated on the initial principal itself.
So, for a period of 3 years, the total interest will be
<span>
<span>(1.5% of 8000)×3=<span><span>1.5⋅3⋅8000</span>100</span>=360</span>
</span>
So the total amount at the end of the period
<span>=Principal+Interest=8000+360=<span>8360</span></span>
I=PRT
P=8000
R=0.015
T=3
I=8000*0.015*3=360
total amount=8000+360=$8360
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Step-by-step explanation:
