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22 June, 00:50

West deposited $15,000 in a savings account earning 2.5% interest. what was the total interest earned at the end of 8 years?

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Answers (2)
  1. 22 June, 02:09
    0
    I = P R T

    I = (15,000) (2.5/100) (8)

    I = $3,000
  2. 22 June, 02:57
    0
    The formula for interest earned is

    I = Prt

    where P = principal, r = interest rate, n = no. of annual period

    I = 15000*0.25*8 = 3000
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