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Chapter 3: Q. 124 (page 334)

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

Short Answer

Expert verified

The interest earned in 8 years will be $5116.8

Step by step solution

01

Step. 1 Given Information

We have Principle amount p=16,400

rate of interest r=3.9%=0.039

Time in yearst=8years

02

Step. 2 Formula and calculation for simple interest

As we know the formula to find the simple interest is:

I=prt,wherepisindollars,ristherateandtistimeinyears.

So, putting the values in the formula we get the total interest earned which is as follows:

I=prtI=16400×0.039×8I=5116.8

So, the total interest earned is $5116.8

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