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Answer:
Interest = $1330
Amount = $4830
Step-by-step explanation:
Given
Principal = $3500
Rate = 4.75%
Time T = 8 years
Interest =PRT/100
Interest = 3500*4.75*8/100
Interest = 35*4.75*8
Interest = $1,330
Hence the interest earned by Mr. Bayless is $1,330
Amount after 8years = Principal + Interest
Amount after 8years = 3500+1330
Amount after 8years = $4830
Hence the amount after 8years is $4830