8. If the principle is $8,500 and the rate of interest is 4% (simple interest), what is the
amount of interest after one year?
To find the amount of interest after one year, we can use the formula for simple interest:
Interest = (Principal x Rate x Time)
where Time is the duration of the investment in years.
In this case, the Principal is $8,500, the Rate is 4%, and we're investing for one year:
Interest = ($8,500 x 0.04 x 1) = $340
Therefore, the amount of interest after one year is $340.