Question

Find the interest earned on an account with $498 invested at 8.5% annual simple interest for 5 years.

A) $253.98
B) $ 2116.50
C) $519.17
D) $21.17

Answer 1

To find the interest earned on the account, we can use the formula I = PRT. Plugging in the values given, we find that the interest earned is $211.50.

Step-by-step explanation:

To find the interest earned on an account with $498 invested at 8.5% annual simple interest for 5 years, we can use the formula I = PRT, where I is the interest earned, P is the principal amount, R is the interest rate, and T is the time in years.

Plugging in the values, we have I = 498 * 0.085 * 5 = $211.50.

Therefore, the interest earned on the account is $211.50.