Answer:
[tex]I=\$3,719.24[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=8\ years\\ P=\$17,950\\r=0.0259[/tex]
substitute in the formula above
[tex]I=17,950(0.0259*8)[/tex]
[tex]I=\$3,719.24[/tex]
