Final answer:
Mrs. Richards earned a total of $774.30 in simple interest over 5 years on her $4,765 investment at a 3.25% interest rate.
Step-by-step explanation:
Mrs. Richards invested $4,765 in an account that earned 3.25% simple interest for 5 years. To calculate the simple interest earned, we use the formula Interest = Principal × Rate × Time.
The principal is the initial amount of money invested, which is $4,765. The rate is the annual interest rate (as a decimal), so 3.25% becomes 0.0325. Time is the number of years the money is invested, which is 5 in this case.
Let's calculate the interest earned:
Convert the interest rate from a percentage to a decimal: 3.25% = 0.0325.
Multiply the principal by the rate: $4,765 × 0.0325 = $154.86 per year.
Multiply the annual interest by the number of years: $154.86 × 5 = $774.30.
Therefore, Mrs. Richards earned a total of $774.30 in simple interest over the 5-year period.
The complete question is: content loaded
Mrs. Richards invested $4,765 in an account that earned 3.25% simple
interest. If she invested for 5 years, how much interest did she earn? is: