Question

Help i need it quick please help

Answer 1

Edward earned $1,140 in interest.

The formula for calculating simple interest is:

Simple Interest=P×r×t

where:

P is the principal amount (initial deposit),

r is the interest rate per period, and

t is the time the money is invested or borrowed for, in years.

In this case:

P = $9,500,

r=4% (convert to decimal by dividing by 100, so r=0.04),

t=3 years.

Now, substitute these values into the formula:

`\text{Simple Interest} = $9,500 * 0.04 * 3`

`\text{Simple Interest} = $9,500 * 0.12`

`\text{Simple Interest} = $1,140`

Therefore, Edward earned $1,140 in interest.