Question

Carleen deposited $16,400 in a bank account with an annual interest rate of 3.9%. How much interest was earned in 8 years?

Answer 1

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 = $\frac{PRT}{100}$

Hence,

The interest =$ $\frac{16400X3.9X8}{100}$

= $5116.80

Answer 2

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 =