Elaina put $24,000 in a bank account. Each year, the account earns 9% simple interest. How much interest will she earn in four years?
		$7,500 in interest
		$8,500 in interest
		$8,640 in interest
		$9,080 interest
		$9,800 in interest


To calculate the simple interest earned over a period, we use the formula:

\[
I = P \times r \times t
\]

where:
- $I$ is the interest,
- $P$ is the principal amount (initial investment),
- $r$ is the annual interest rate (expressed as a decimal),
- $t$ is the time in years.

### Given:
- $P = 24,000$ dollars
- $r = 9\%$ or 0.09
- $t = 4$ years

### Step 1: Plug the values into the formula:

\[
I = 24,000 \times 0.09 \times 4
\]

### Step 2: Calculate the interest:

\[
I = 24,000 \times 0.36 = 8,640
\]

### Answer:
Elaina will earn **$8,640** in interest.

Would you like more details or have any questions? Here are five related questions to consider:

1. What is the difference between simple and compound interest?
2. How do you calculate the future value of an investment with simple interest?
3. What would happen to the interest if the time period was doubled?
4. How is the interest rate converted from a percentage to a decimal?
5. How does simple interest compare to other types of investment returns?

**Tip:** Simple interest is calculated only on the principal amount, so it grows linearly over time.

Learn how to calculate the simple interest earned on an investment of $24,000 at an annual interest rate of 9% over a period of 4 years. This problem involves basic financial mathematics, including the simple interest formula I = P * r * t. Suitable for students in Grades 7-9.

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