Question

Marsha deposited $7,000 into a savings account 4 years ago. The simple interest rate is 2%. How much money did Marsha eam in interest?

Answer 1

$560

Explanation:

The formula for simple interest is:

I = Prt, where P is the principal, r is the interest rate, and t is the time (in years).

Plugging in the values, we get:

I = $7,000 * 2% * 4 years = $560

So, Marsha earned $560 in interest.