Final answer:
The simple interest earned on $22,500 after 15 years with an APR of 11% is $36,825.
Step-by-step explanation:
To determine the simple interest earned on $22,500 after 15 years with an APR of 11%, we can use the simple interest formula:
Simple Interest = Principal × Interest Rate × Time
Substituting the given values:
Simple Interest = $22,500 × 0.11 × 15
Calculating the simple interest:
Simple Interest = $36,825
The simple interest earned on $22,500 after 15 years with an APR of 11% is $36,825.