1 Charlene invested $3500 at 6- -% simple interest for 4 years. 2 Part: 0 / 2 Part 1 of 2 (a) How much interest will she earn in 4 years? The interest paid is X
1 Charlene invested $3500 at 6- -% simple interest for 4 years. 2 Part: 0 / 2 Part 1 of 2 (a) How much interest will she earn in 4 years? The interest paid is X
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
![### Simple Interest Calculation
**Scenario:** Charlene invested $3500 at a simple interest rate of \(6 \frac{1}{2}\)% for 4 years.
#### Question:
(a) How much interest will she earn in 4 years?
*The interest paid is* ___________
### Explanation:
To calculate the simple interest earned over a period of time, you can use the formula:
\[
\text{Simple Interest} (SI) = P \times R \times T
\]
Where:
- \( P \) is the principal amount (the initial amount of money, $3500 in this case).
- \( R \) is the annual interest rate (expressed as a decimal). For \( 6 \frac{1}{2} \)%, convert this to a decimal by dividing by 100, so \( R = \frac{6.5}{100} = 0.065 \).
- \( T \) is the time the money is invested for in years (4 years in this case).
Let's plug in the values:
\[
SI = 3500 \times 0.065 \times 4
\]
Now, calculate the interest:
\[
SI = 3500 \times 0.065 \times 4 = 910
\]
So, the interest paid is **$910**.
#### Summary:
Charlene will earn $910 in simple interest over the 4-year period.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faf54cc92-fe70-42ec-a5a5-6c03b8447a69%2Fc37a0dc9-35f7-4148-8461-a5066565f888%2Fqqcr8eg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:### Simple Interest Calculation
**Scenario:** Charlene invested $3500 at a simple interest rate of \(6 \frac{1}{2}\)% for 4 years.
#### Question:
(a) How much interest will she earn in 4 years?
*The interest paid is* ___________
### Explanation:
To calculate the simple interest earned over a period of time, you can use the formula:
\[
\text{Simple Interest} (SI) = P \times R \times T
\]
Where:
- \( P \) is the principal amount (the initial amount of money, $3500 in this case).
- \( R \) is the annual interest rate (expressed as a decimal). For \( 6 \frac{1}{2} \)%, convert this to a decimal by dividing by 100, so \( R = \frac{6.5}{100} = 0.065 \).
- \( T \) is the time the money is invested for in years (4 years in this case).
Let's plug in the values:
\[
SI = 3500 \times 0.065 \times 4
\]
Now, calculate the interest:
\[
SI = 3500 \times 0.065 \times 4 = 910
\]
So, the interest paid is **$910**.
#### Summary:
Charlene will earn $910 in simple interest over the 4-year period.
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