Answer:
[tex]\$240[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the Final Interest Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
Sandra
[tex]t=1\ year\\ I=\$75\\ P=\$2,500\\r=?[/tex]
substitute in the formula above
[tex]75=2,500(r(1))[/tex]
solve for r
[tex]r=75/2,500)[/tex]
[tex]r=0.03[/tex]
Convert to percentage form
[tex]r=0.03*100=3\%[/tex]
Ron
[tex]t=1\ year\\ I=?\\ P=\$8,000\\r=0.03[/tex]
substitute in the formula of interest
[tex]I=8,000(0.03*1)[/tex]
[tex]I=\$240[/tex]
