Answer:
$50820
Step-by-step explanation:
First, converting R percent to r a decimal
r = R/100 = 3.2%/100 = 0.032 per year,
then, solving our equation
I = 38500 × 0.032 × 10 = 12320
I = $ 12,320.00
The simple interest accumulated
on a principal of $ 38,500.00
at a rate of 3.2% per year
for 10 years is $ 12,320.00.
