West deposited $15,500 in a savings account earning 2.5% simple interest.
What was the total interest earned at the end of 8 years?
Question 5 options:
$310.00
$484.38
$3,100.00
$4,843.75
To calculate the total interest earned, we can use the formula:
Interest = Principal x Rate x Time
In this case, the principal is $15,500, the rate is 2.5% (or 0.025 as a decimal), and the time is 8 years.
Interest = $15,500 x 0.025 x 8 = $3,100.00
Therefore, the total interest earned at the end of 8 years is $3,100.00.
The correct option is $3,100.00.