Question

Edward deposited ​$8500 into a savings account 3 years ago. The simple interest rate is 4​%. How much money did Edward earn in​ interest? Substitute the values into the equation.

Answer 1

Answer: $1020

Explanation:

For us to get the Simple interest, we have to use the formula:

= PRT

= Principal × Rate × Time

= $8500 × 4% × 3

= $8500 × 4/100 × 3

= $8500 × 0.04 × 3

= $1020