Determine the simple interest earned when you invest 2000 for 3 and half years at an interest rate 8% per year

Answer 1

The formula for simple interest is:

Simple Interest = (Principal x Rate x Time) / 100

Where:
Principal = 2000
Rate = 8%
Time = 3.5 years

Substituting the values in the formula, we get:

Simple Interest = (2000 x 8 x 3.5) / 100
Simple Interest = 560

Therefore, the simple interest earned when you invest 2000 for 3 and half years at an interest rate 8% per year is 560.