Explanation:
To calculate the interest earned, you can use the formula for simple interest:
\[ \text{Simple Interest} = P \times r \times t \]
Where:
- \( P \) is the principal amount (initial deposit),
- \( r \) is the annual interest rate (as a decimal),
- \( t \) is the time the money is invested or borrowed for (in years).
In this case:
- \( P = $6,000 \),
- \( r = 2.8\% \) or \( 0.028 \) (converted to a decimal),
- \( t = 5 \) years.
Substitute these values into the formula:
\[ \text{Simple Interest} = 6000 \times 0.028 \times 5 \]
Calculate the result to find the total interest earned.