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When Marty was born, his parents deposited $5000 in a college savings account that earns simple interest at a rate of 7.25% per year. How much interest will the money have earne…

When Marty was born, his parents deposited $5000 in a college savings account that earns simple interest at a rate of 7.25% per year. How much interest will the money have earne…
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4 votes
When Marty was born, his parents deposited $5000 in a college savings account that earns simple interest at a rate of 7.25% per year. How much interest will the money have earned after 18 years?

User Sparafusile
by
8.4k points

1 Answer

4 votes
The formula is
I=prt
I interest earned?
P principle 5000
R interest rate 0.0725
T time 18 years
I=5,000×0.0725×18
I=6,525

Hope it helps!
User Reid Spencer
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8.7k points
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