Benjamin invested $1930 at an annual rate of 4% simple interest. After
8
8  years, withdraws all the money.

How much does he receive?

To calculate the amount Benjamin receives after 8 years with simple interest, we use the simple interest formula:

\[
\text{Simple Interest} = P \times r \times t
\]

Where:
- $ P $ is the principal amount (\$1930)
- $ r $ is the annual interest rate (4% or 0.04)
- $ t $ is the time in years (8 years)

First, calculate the simple interest:

\[
\text{Simple Interest} = 1930 \times 0.04 \times 8 = 618.4
\]

Now, add the interest to the principal to find the total amount:

\[
\text{Total Amount} = P + \text{Simple Interest} = 1930 + 618.4 = 2548.4
\]

Benjamin receives **\$2548.40** after 8 years.

Would you like more details or have any questions?

Here are 8 related questions:
1. What would be the total amount if the interest rate was 5% instead of 4%?
2. How would the total amount change if the investment period was 10 years instead of 8?
3. What is the difference between simple interest and compound interest?
4. How much interest would Benjamin earn if the principal was \$2500 instead of \$1930?
5. What is the formula for compound interest and how does it differ from the simple interest formula?
6. How would the final amount differ if interest were compounded annually instead of being simple interest?
7. How much would Benjamin have received if the interest rate was 3% instead of 4%?
8. If Benjamin withdrew half of the investment after 4 years, how much would he have received after 8 years?

**Tip:** When dealing with simple interest, remember that the interest is calculated only on the principal amount, not on any accumulated interest.

Explore how to calculate the amount Benjamin receives after 8 years with simple interest on a $1930 investment at 4% annual rate. Understand the simple interest formula and step-by-step calculation. Suitable for students in Grades 7-9 studying financial mathematics.

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