SOLUTION: sally puts $200.00 in a bank account that earns 8% simple interest how much interest will be earned in 3 years?

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Question 231497: sally puts $200.00 in a bank account that earns 8% simple interest how much interest will be earned in 3 years?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
The formula for simple interest is
A+=+P%2A%281+%2B+rt%29
t = number of years
A = amount after t years
r = annual interest rate in %
P = original amount
A+-+P = interest earned after t years
--------------------------
given:
P+=+200
r+=+.08
t+=+3
-----------------
A+=+P%2A%281+%2B+rt%29
A+=+200%2A%281+%2B+.08%2A3%29
A+=+200%2A1.24
A+=+248
A+-+P+=+248+-+200
A+-+P+=+48
$48 interest will be earned after 3 years