The simple interest he earned is $2280
The formula for calculating the simple interest is expressed using the formula:
SI = PRT
P is the principal
R is the rate in %
T is the time in years
Given the following
P = $9500
R = 3% = 0.03
T = 8 years
Substitute the given parameters into the formula
SI = 9500*8*0.03
SI = 2280
Hence the simple interest he earned is $2280
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