3. Olivia deposits $$ \$ 2000 $$ in a bank account that earns simple interest at a rate of $$ 2.8 \% $$ per month. How much will she have in her account after 8 months?

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UpStudy AI · Accepted Answer

1. The formula for simple interest is given by  
   $$
   I = P \times r \times t,
   $$  
   where $$ P $$ is the principal, $$ r $$ is the interest rate per time period (expressed as a decimal), and $$ t $$ is the number of time periods.

2. Here, $$ P = 2000 $$, $$ r = 0.028 $$ (since $$ 2.8\% = 0.028 $$), and $$ t = 8 $$ months.

3. Compute the interest earned:  
   $$
   I = 2000 \times 0.028 \times 8.
   $$  
   First, calculate $$ 0.028 \times 8 = 0.224 $$, then  
   $$
   I = 2000 \times 0.224 = 448.
   $$

4. The total amount in the account after 8 months is the sum of the principal and the interest:  
   $$
   \text{Total Amount} = P + I = 2000 + 448 = 2448.
   $$

Thus, after 8 months, Olivia will have $$\$2448$$ in her account.
After 8 months, Olivia will have \$2448 in her account.

Olivia deposits in a bank account that
earns simple interest at a rate of per month.
How much will she have in her account after 8
months?

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Olivia deposits in a bank account that earns simple interest at a rate of per month. How much will she have in her account after 8 months?