Problem
Formulas \( I=P r t \) \( A=P(1+r)^{t} \) \( A=P+I \) 1) Find the simple interest. Bianca invested \( \$ 6,500 \) at an interest rate of \( 3 \% \). How much will the simple interest be in 8 years? \( I=\$ 1,365 \) \( I=\$ 1,755 \) \( I=\$ 1,170 \) \( I=\$ 1,560 \)
Solution
Step 1 ：\( I=P r t \)
Step 2 ：\( I=(6500)(0.03)(8) \)
Step 3 ：\( I=\$ 1,560 \)
