Answer:
$50
Step-by-step explanation:
refer to attached
the formula for simple interest is
A = P (1 + rt)
Given:
P = $250
r = 2.5% = 0.025
t = 8 years
Hence
A = P (1 + rt)
= 250 [1 + (0.025)(8)]
= 250 [1 + 0.2]
= 250 [1.2]
= 250 [1.2]
= 300
Interest = A - P
= $300 - $250
= $50
