Answer:
Sheila earned $120 in interest.
Step-by-step explanation:
In order to calculate the interest earned by Sheila we can use the simple interest formula shown bellow:
i = P*r*t
Where i is the interested earned, P is the amount invested, r is the interest rate and t is the total time. For this case we have:
i = 800*0.03*5
i = 24*5
i = 120
Sheila earned $120 in interest.
Answer: After 5 years, Sheila earns $120
Step-by-step explanation: The calculation of simple interest is given as
Interest = P x R x T
Where P = the amount invested initially (800), R = the rate of interest earned (3% or 0.03) and T = the number of years (5) investment was held
The interest she earned can now be calculated by substituting for the known values as follows;
Interest = 800 x 0.03 x 5
Interest = 120
Therefore after 5 years, Sheila earns $120
