Carleen deposited $16,400 in a bank account with an annual interest rate of 3.9%. How much interest was earned in 8 years?
2 answers:
The amount on interest he earned is $5116.8
Step-by-step explanation:
Given ,
Principal(P) = $16400
Rate of interest(R) = 3.9%
Time(T) = 8 years
To find the interest
Formula
Simple interest =
Hence,
The interest =$
= $5116.80
Answer:
$5116.8
Step-by-step explanation:
Interest = PRT/100
Where
P = principal
R = rate
T = time
Given
P = $16400
R = 3.9% and
T = 8 years
Interest = $16400 x 3.9 x 8 /100
The zeros cancel out
We’re left with
Interest = 164 x 3.9 x 8
= $5116.8
$5116.8 interest was earned after 8 years
Interest =
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