Question

HELP ASAP PLZ!!! Collin deposited $5,500 in a savings account that earns 4.5% simple annual interest. The formula that can be used for calculating simple interest is I=prt , where I represents interest, p is the principle, r is the rate and t is the time. How much interest is earned after 5 years if he makes no other deposits or withdrawals?

Answer 1

$1237.50

Explanation:

r = 4.5% = 0.045

I = prt

I = 5500*0.045*5

= $1237.50