Question 231497
The formula for simple interest is
{{{A = P*(1 + rt)}}}
{{{t}}} = number of years
{{{A}}} = amount after {{{t}}} years
{{{r}}} = annual interest rate in %
{{{P}}} = original amount
{{{A - P}}} = interest earned after {{{t}}} years
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given:
{{{P = 200}}}
{{{r = .08}}}
{{{t = 3}}}
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{{{A = P*(1 + rt)}}}
{{{A = 200*(1 + .08*3)}}}
{{{A = 200*1.24}}}
{{{A = 248}}}
{{{A - P = 248 - 200}}}
{{{A - P = 48}}}
$48 interest will be earned after 3 years