19. if $35,000 is invested at an annual simple interest rate of 2.65%, how much interest is in the account…

19. if $35,000 is invested at an annual simple interest rate of 2.65%, how much interest is in the account after eight years?

19. if $35,000 is invested at an annual simple interest rate of 2.65%, how much interest is in the account after eight years?

Answer

Explanation:

Step1: Recall the simple - interest formula

The simple - interest formula is (I = Prt), where (P) is the principal amount, (r) is the annual interest rate (in decimal form), and (t) is the time in years.

Step2: Convert the percentage rate to a decimal

Given (r = 2.65%=\frac{2.65}{100}=0.0265), (P=$35000), and (t = 8) years.

Step3: Substitute the values into the formula

Substitute (P = 35000), (r=0.0265), and (t = 8) into (I=Prt). (I=(35000)\times(0.0265)\times(8)) First, calculate (35000\times0.0265 = 927.5). Then, (927.5\times8=7420).

Answer:

(7420)