Question
Question: Theformula for simple interest is , where Iis the interest earned, P is the principal (or initialamount deposited), R is the annual simple interest rate indecimal form, and T is the time in years. If Nekishainvests $2000 at an annual rate of 4% simple interest, how muchinterest will she earn in 8 years? Please i need help on this question. Thanks. Question: Theformula for simple interest is , where Iis the interest earned, P is the principal (or initialamount deposited), R is the annual simple interest rate indecimal form, and T is the time in years. If Nekishainvests $2000 at an annual rate of 4% simple interest, how muchinterest will she earn in 8 years? Please i need help on this question. Thanks.
Explanation / Answer
If you plug the values in I = (2000)(.04)(8) = 640