Question

Edward deposited $8,500 into a savings account 5 years ago. The simple interest rate is 3%. How

much money did Edward earn in interest?

Answer 1

1275

Step-by-step explanation:Step-by-step explanation:

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

= PRT

= Principal × Rate × Time

= $8500 × 5% × 3

= $8500 × 5/100 × 3

= $8500 × 0.05 × 3

= $1275