Question

Lisa invested $5200 in a savings account with a yearly interest rate of 6% for

9 years. How much simple interest did she earn?

Answer 1

The simple interest earned by Lisa is $2808

Solution:

Given that Lisa invested $5200 in a savings account with a yearly interest rate of 6% for 9 years.

The simple interest is given as:

`\text { Simple interest }=\frac{\mathrm{p} * \mathrm{r} * \mathrm{t}}{100}`

Where "p" is the principal amount

"r" is the rate of interest

"t" is the time period

Here p = 5200; r = 6% ; t = 9 years

`\begin{array}{l}{\text { Simple interest }=(5200 * 6 * 9)/(100)} \\\\ {=(280800)/(100)=2808}\end{array}`

So, the simple interest Lisa earn is $2808

Answer 2

P is the principal amount, $5200.00.

r is the interest rate, 6% per year, or in decimal form, 6/100=0.06.

t is the time involved, 9....year(s) time periods.

So, t is 9....year time periods.

To find the simple interest, we multiply 5200 × 0.06 × 9 to get that:

The interest is: $2808.00