Question

marsha deposited ​$9,500 into a savings account 3 years ago. The simple interest rate is 5​%. How much money did marsha earn in​ interest?

Answer 1

Marsha earned $1,425 in simple interest from a $9,500 deposit at a 5% interest rate over 3 years.

Step-by-step explanation:

The student wants to calculate the amount of simple interest earned on a deposit of $9,500 at a simple interest rate of 5% over a period of 3 years. To find the simple interest, we can use the formula:

Simple Interest = Principal × Rate × Time

Where the Principal is $9,500, the Rate is 5% (or 0.05 in decimal form), and the Time is 3 years:

$9,500 × 0.05 × 3 = $1,425

Therefore, Marsha earned $1,425 in interest over the 3-year period.