Answer:
8200+1894.40 = $10,094.40
Step-by-step explanation:
The formula we'll use for this is the simple interest formula, or:
I = P x r x t
Where:
P is the principal amount, $8200.00.
r is the interest rate, 4.4% per year, or in decimal form, 4.4/100=0.044.
t is the time involved, 5.5....year(s) time periods.
So, t is 5.5....year time periods.
To find the simple interest, we multiply 8200 × 0.044 × 5.5 to get that:
The interest is: $1984.40 + add to Investment ($8000) and you'll get the answer.
