This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
ScanSolve AI Answer
Hey Liza🥰, good to see you again. Step 1: Identify the formula for simple interest. The formula for simple interest (I) is: I = (Prt)/(100) where P is the principal amount, r is the annual interest rate, and t is the time in years. Step 2: Identify the given values. From the problem statement: • Time (t) = 5 years • Annual interest rate (r) = 8\% The principal amount (P) is not given, so we will express the interest and total amount in terms of P. Step 3: Calculate the simple interest. Substitute the given values into the simple interest formula: I = (P × 8 × 5)/(100) I = (40P)/(100) I = 0.4P The simple interest earned is 0.4P. Step 4: Calculate the total amount. The total amount (A) after t years is the principal plus the interest: A = P + I A = P + 0.4P A = 1.4P The total amount is 1.4P. Send me the next one 📸