Question

Ryan invests $750 in a bank account that pays 5% simple interest each year.

a. how much interest does emilio earn in 15 years?

Answer 1

Ryan earns $562.50 in interest over 15 years.

Step-by-step explanation:

To calculate the amount of interest Ryan earns in 15 years, we can use the formula:

Interest = Principal × Rate × Time

Given that the principal amount (P) is $750, the interest rate (R) is 5%, and the time period (T) is 15 years, we can substitute these values into the formula:

Interest = $750 × 0.05 × 15

Simplifying the equation, we find that Ryan earns $562.50 in interest over 15 years.