Answer:
240$
Step-by-step explanation:
we know that
The simple interest formula is equal to
I=P(rt)
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
Sandra
t = 1 year
I= $75
P= $2,500
r= ?
substitute in the formula above
75=2,500 (r(1))
solve for r
r=75/2,500)
r= 0.03
Convert to percentage form
r= 0.03 * 100 = 3%
Ron
t=1 year
I = ?
P= 8,000
r= 0.03
substitute in the formula of interest
I = 8,000(0.03 *1)
I = $240
