Question

Sharla invests $275 in a simple interest bearing account for 16 years. The annual interest rate is 8%. Using the simple
interest formula, 1= Pr, how much interest will Sharla's initial investment earn over the 16 year period?

Answer 1

Sharla's initial investment will earn $352 over the 16 year period.

How to calculate simple interest?

Formula for simple interest is;

I = PRT/100

Now, we are given;

Principal; P = $275

Rate; R = 8

Time; T = 16

Thus;

I = 275 * 8 * 16/100

I = $352

Thus, Sharla's initial investment will earn $352 over the 16 year period.

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