66.9k views
4 votes
Please help

Find the simple interest earned after 3 years on an investment of $2500 at 1.5% interest earned annually

2 Answers

1 vote

your answer is 115.12

User Saloo
by
8.3k points
5 votes

The simple interest formula is pretty straight forward. It's I = prt, where I is the interest earned, p is the initial amount invested, r is the interest rate expressed as a decimal, and t is time in years. We are looking for I; t = 3, p = 2500 and r = .015. Putting that altogether in our formula we have I = (2500)(3)(.015). That gives us 112.50 that was earned in interest.

User Vitalis Hommel
by
7.8k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.