Theodore invests $15,000 into an account at an annual rate of 0.55% simple interest for 36 months.
1) What is the Principal in this scenario?
1) 0.0055
2) 0.55 %
3) $15,000
4) 3
2) What is the interest rate for this account?
1) 0.55 %
2) $15,000
3) 3
4) 0.0055
3) What number do you use to represent the interest rate in the simple interest formula?
1) 0.55 %
2) 3
3) $15,000
4) 0.0055
4) What is the length of time of this investment, in years?
1) 0.55 %
2) 3
3) $15,000
4)0.0055
5) Calculate the simple interest earned on this account.