JERRY invested $650 at a simple interest rate of 3.5% per year. How much will Jerry have in 8 years.
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To calculate the amount Jerry will have in 8 years, we can use the formula for simple interest:
Simple Interest = Principal * Rate * Time
Where:
Principal = $650 (the initial amount Jerry invested)
Rate = 3.5% per year (in decimal form, 0.035)
Time = 8 years
Substituting these values into the formula, we get:
Simple Interest = $650 * 0.035 * 8
Simplifying this equation, we have:
Simple Interest = $182 * 8
Calculating this, we get:
Simple Interest = $1,456
Therefore, Jerry will have $1,456 in 8 years.
To calculate the amount Jerry will have after 8 years, you can use the formula for calculating simple interest:
Interest = Principal x Rate x Time
In this case, the principal is $650, the interest rate is 3.5% (or 0.035 as a decimal), and the time is 8 years.
So, the formula becomes:
Interest = $650 x 0.035 x 8
Now, we can calculate the interest.
Interest = $650 x 0.035 x 8 = $182
To find the final amount Jerry will have after 8 years, we add the interest earned to the principal:
Final Amount = Principal + Interest
Final Amount = $650 + $182
Final Amount = $832
Therefore, Jerry will have $832 in 8 years.