Answer:
$330.67
Explanation:
The simple interest earned on a principal, P is calculated using the formula below:
[tex]\text{S}I=\frac{\text{PRT}}{100}\text{ where}\begin{cases}P=Prin\text{cipal, the amount saved.} \\ R=\text{Rate (in \%)} \\ T=\text{Time (in years)}\end{cases}[/tex]From the given problem:
• P = $8,000
,• r = 6.2%
Since the time, t is given in months, divide by 12 to get the value in years.
• t = 8 months = (8/12) years
Substitute into the formula:
[tex]SI=\frac{8000\times6.2\times8}{100\times12}=\$330.67[/tex]The simple interest earned is $330.67 correct to the nearest cent.
