Compute the amount of interest earned in the following simple interest problem. A deposit of $8,000 at 9.5% for 120 days.

I=prt

I=8,000*0.095 * (120:360)

I=253.33

So we would begin this problem with the simple interest equation:

A=P (1+rt)

the t (time) is in years so we divide 120 by 365

Then we can plug in the information we already know

A=8000 (1+.095 (.33))

A=8000 (1.03135)

A=8250.8

So in total, it is $8250.80