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Sharla invests $275 in a simple interest bearing account for 16 years. The annual interest rate is 8%. Using the simple interest formula, mc001-1.jpg, how much interest will Sharla’s initial investment earn over the 16 year period?

Respuesta :

meerkat18
The formula to be followed for the calculation of simple interest is F = P (1 + in) where F is the future worth, P is the present worth, i s the annual interest rate and n is the number of years. In this case, F = $275 * (1+ 0.08*16)  = $627. The interest earned is $627  - $275 equal to $352.

Answer:

$352

Step-by-step explanation:

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