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24 February, 17:54

Shelia deposited $800 into an account that earned 3% simple interest. She did not make any other deposits or withdrawals. After 5 years how much interest did Sheila earn?

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  1. 24 February, 18:03
    0
    Answer: After 5 years, Sheila earns $120

    Step-by-step explanation: The calculation of simple interest is given as

    Interest = P x R x T

    Where P = the amount invested initially (800), R = the rate of interest earned (3% or 0.03) and T = the number of years (5) investment was held

    The interest she earned can now be calculated by substituting for the known values as follows;

    Interest = 800 x 0.03 x 5

    Interest = 120

    Therefore after 5 years, Sheila earns $120
  2. 24 February, 18:16
    0
    Sheila earned $120 in interest.

    Step-by-step explanation:

    In order to calculate the interest earned by Sheila we can use the simple interest formula shown bellow:

    i = P*r*t

    Where i is the interested earned, P is the amount invested, r is the interest rate and t is the total time. For this case we have:

    i = 800*0.03*5

    i = 24*5

    i = 120

    Sheila earned $120 in interest.
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