Answer:
[tex]I=\$172.67[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]I=P(rt)[/tex]
where
I is the 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
[tex]t=14/12\ years\\ P=\$1,850\\r=0.08[/tex]
substitute in the formula above
[tex]I=1,850(0.08(14/12))[/tex]
[tex]I=\$172.67[/tex]
