Ask a New Question

Constance invested $4500 for 3 years in a savings account paying simple interest with a yearly interest rate of 3.5%. How much simple interest did she earn?

Please show your work :)

1 answer

Each year she gets 3.5% or 0.035 time the amount invested. So, after 3 years, that's

4500 * 0.035 * 3

Review your formula: I = Prt, right?

Ask a New Question or answer this question.

Similar Questions

Blanche invested $9800 in a savings account with a yearly interest rate of 2% for 15 years. How much simple interest did she
1. 3 answers
Jody invested $4800 less in an account paying 5% simple interest than she did in an account paying 2% simple interest. At the
1. 2 answers
May won $1000 She invested in an account paying 9% interest rate compounded yearly. a(t)=1,000(1.09)^t. Where a is the amount in
1. 1 answer
Suppose that $17,000 is invested in a savings account paying 5.1% interest per year.(a) Write the formula for the amount A in
1. 2 answers

more similar questions