Question

jamie has $500 to invest for 3 years. she finds a bank that will invest her money at a simple interest rate of 5%. interest is T is equal to the principal P times the product of the rate r as a decimal and the time d in years. find the amount of interest earned after 3 years.

Answer 1

15% = 0.05
$500 * 0.05 * 3 = $75

answer: amount of interest earned after 3 years is $75