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edward deposited ​$7,500 into a savings account 5 years ago. The simple interest rate is 5​%. How much money did earn in​ interest?

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altavistard

Answer:

Edward earned $1,875 in interest.

Step-by-step explanation:

The formula for simple interest is i = prt, where p is the principal, r is the interest rate as a decimal fraction, and t is the time in years.

Here, p = $7,500, r = 0.05 and t = 5 years, and so the interest earned was

i = ($7,500)(0.05)(5) = $1,875.  

Edward earned $1,875 in interest.

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