kmfederici2394 kmfederici2394

07-10-2021
Mathematics

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Peter is calculating the interest earned on a deposit of $275 in an account that earns 8% simple interest after 12 years. I = prt I = 275(.8)(12) I = 2,640 a. What did Peter do incorrectly? b. What is the correct amount of interest I NEED HELP.

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eliasmekuria78 eliasmekuria78

07-10-2021

Answer:

What Peter did wrong was that he should have multiplied 275 by 0.08 and 12, not 0.8 and 12. The correct amount of interest he will earn is $264.

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