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vfiekz [6]
3 years ago
11

Mrs. Adams deposited $12,000 into an account that earns an annual simple interest rate of 3.25%. She makes no other deposits or

withdrawals.
How much interest will Mrs. Adams have earned at the end of 8 years?
$31,200.00
Mathematics
1 answer:
lisabon 2012 [21]3 years ago
7 0

Answer:

<em>Mrs. Adams will earn $3,120 of interest at the end of year 8.</em>

Step-by-step explanation:

<u>Simple Interest</u>

In simple interest, the money earns interest at a fixed rate, assuming no new money is coming in or out of the account.

We can calculate the interests earned by an investment of value A in a period of time t, at an interest rate r with the formula:

I=A.r.t

Mrs. Adams deposited an amount of A=$12,000 into an account that earns an annual simple interest rate of r=3.25%. We must find the interest earned in t=8 years. The interest rate is converted to decimal as:

r=3.25/100=0.0325

The interest is then calculated:

I=12,000\cdot 0.0325\cdot 8=3,120

Mrs. Adams will earn $3,120 of interest at the end of year 8.

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