Concept explainers
Find the interest earned by a deposit of
To find:
The interest earned for the given condition.
Answer to Problem 1CR
Solution:
The interest earned for the given condition is $8730.15.
Explanation of Solution
Given:
The given condition is,
The amount $8140 deposit at
Formula used:
The simple interest I on a principal P at a interest rate r for t years is,
Calculation:
Consider the given condition,
The amount $8140 deposit at
Here, the given values are,
Now, apply the formula and substitute the above values.
Now, solve for I.
Therefore, the interest earned for the given condition is $8730.15.
Conclusion:
Thus, the interest earned for the given condition is $8730.15.
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