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Nine years ago, Tarah opened a savings account with her bank. She started with a balance of $359 and has not made any withdrawals or deposits since then. If her interest rate is 8% each year, how much interest has accrued using simple interest?

Respuesta :

isyllus

Answer:

The interest accrued is $258.48.

Step-by-step explanation:

Given that:

Initial balance in the savings account = $359

Interest rate = 8%

Time for which no withdrawals or deposits were done = 9 years

To find:

Simple Interest accrued = ?

Solution:

First of all, let us have a look at the formula for simple interest.

[tex]SI = \dfrac{PRT}{100}[/tex]

Where P is the Principal Amount.

R is the annual rate of interest

T is the time in years.

Here, we are given:

P = $359

R = 8%

T = 9 years

Let us put all the values in the formula:

[tex]SI = \dfrac{359 \times 8 \times 9}{100}\\\Rightarrow SI = \dfrac{359 \times 72}{100}\\\Rightarrow SI = \dfrac{25848}{100}\\\Rightarrow \bold{SI = \$258.48}[/tex]

So, the interest accrued is $258.48.

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