Khalid invested $9500 in a savings account with a yearly interest rate of 3% for 8 years. how much simple interest did he earn?

The simple interest he earned is $2280

The formula for calculating the simple interest is expressed using the formula:

SI = PRT

P is the principal

R is the rate in %

T is the time in years

Given the following

P = $9500

R = 3% = 0.03

T = 8 years

Substitute the given parameters into the formula

SI = 9500*8*0.03

SI = 2280

Hence the simple interest he earned is $2280

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f(x) is the value of the function. b is the value of the function when x equals zero or the y-coordinate of the point where the line crosses the y-axis in the coordinate plane.

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