Question

Sharla invests $275 in a simple interest bearing account for 16 years. The annual interest rate is 8%. Using the simple interest formula, I = P r t, how much interest will Sharla’s initial investment earn over the 16 year period?

Answer 1

Answer:

Step-by-step explanation:

P = $ 275

r = 8% = 8/100

t = 16 years

$I=275*\frac{8}{100}*16\\\\I=\frac{35200}{100}\\I=352$

I =$352