Question

Mia invests $7500 at a rate of 3.5% per year simple interest

Calculate the total amount she has after 5 years.

Answer 1

$8812.50

Explanation:

To calculate the simple interest earned on Mia's investment, we can use the formula:

I = Prt

where I is the interest earned, P is the principal amount invested, r is the interest rate as a decimal, and t is the time in years.

Plugging in the values, we have:

I = $7500 * 0.035 * 5

I = $1312.50

The total amount Mia has after 5 years is the sum of her original investment and the interest earned:

$7500 + $1312.50 = $8812.50

Answer 2

Answer with Explanation:

The formula for simple interest is:

I = Prt

Where:
I = interest
P = principal (the original amount invested)
r = interest rate (as a decimal)
t = time (in years)

So in this case:
I = $7500 * 0.035 * 5 = $1312.50

The total amount Mia will have after 5 years is:
P + I = $7500 + $1312.50 = $8812.50

So Mia will have $8812.50 after 5 years.