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5 August, 16:07

Sharla invests $275 in a simple interest bearing account for 16 years. The annual interest rate is 8%. Using the simple interest formula, I=Prt, how much interest will Sharla's initial investment earn over the 16 year period?

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Answers (2)
  1. 5 August, 17:12
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    Answer

    $352

    Step By Step Explanation
  2. 5 August, 19:34
    0
    I = Prt

    I: interest earned

    P: principle (initial invested amount)

    r: rate (percentage)

    t: time in years (duration)

    Most often, when letters are side-by-side this means they are all factors of each other. If something is a factor of another, then multiply them. So, 275 times 8% or 8/100 or 0.08 times 16 years is equal to $352. With this total subtract $275 from $352. The interest earned is equal to $77.

    $275 * 0.08 * 16 yrs = $352

    $352 - $275 = $77

    I = $77

    This may seem confusing when saying aloud in order of the equation, "Interest equals $352". The total is $352, the interest earned is equal to $77. Conventions and platitudes are often erroneous.
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