Question

best answer gets a medal!!!
.
West deposited $15,500 in a savings account earning 2.5% interest.

What was the total interest earned at the end of 8 years?

A.
$310.00

B.
$484.38

C.
$3,100.00

D.
$4,843.75

Answer 1

b

Answer 2

ou want to calculate the interest on $15500 at 2.5% interest per year after 8 year(s).
The formula we'll use for this is the simple interest formula, or:


Where:

P is the principal amount, $15500.00.
r is the interest rate, 2.5% per year, or in decimal form, 2.5/100=0.025.
t is the time involved, 8....year(s) time periods.
So, t is 8....year time periods.
To find the simple interest, we multiply 15500 × 0.025 × 8 to get that:

The interest is: $3100.00
Usually now, the interest is added onto the principal to figure some new amount after 8 year(s),
or 15500.00 + 3100.00 = 18600.00. For example:

If you borrowed the $15500.00, you would now owe $18600.00
If you loaned someone $15500.00, you would now be due $18600.00
If owned something, like a $15500.00 bond, it would be worth $18600.00 now.

Answer 3

*you

Answer 4

Woops, I forgot to type the formula.
Here is the formula:
I = P*r*t

Answer 5

thnx!

Answer 6

No problem!

Answer 7

so C