Respuesta :
Answer:
The interest that is obtained from that investment is $55.2
Step-by-step explanation:
If the balance at the end of eight years on an investment of $230 that has been invested at a rate of 3% is $285.20, so the principal of investment is $230 and the matured sum is $285.20.
Now, we know that Principal + Interest = Matured sum.
Hence, the interest that is obtained from that investment is $(285.2 - 230) = $55.2 (Answer)
Answer:
The interest credited after investment is $55.2
Step-by-step explanation:
Given as :
The investment principal amount = p = $230
The Amount after 8 years of investment = A = $285.20
The Time period for investment = 8 years
The rate of interest applied = r = 3%
Let The interest credited after investment = I
Now, According to question
From Compound Interest
Amount = Principal × [tex](1+\dfrac{\textrm rate}{100})^{\textrm time}[/tex]
And Interest = Amount - Principal
Or, I = A - p
Or, I = $285.20 - $230
∴ I = $55.2
So, The interest credited after investment = I = $55.2
Hence, The interest credited after investment is $55.2 Answer
