Answer:
SI = $1,200 ; A = $6,200
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3%/100 = 0.03 per year,
then, solving our equation
I = 5000 × 0.03 × 8 = 1200
I = $ 1,200.00
The simple interest accumulated
on a principal of $ 5,000.00
at a rate of 3% per year
for 8 years is $ 1,200.00.
