Question

Jodi has $4,862.33 in a savings account that will earn 2.99% interest on the principal for

5 years. What is the amount of simple interest that she will earn?

Answer 1

The amount of simple interest that Jodi will earn is:

I = P*r*t

Where:

P = $4,862.33 (principal)
r = 2.99% (interest rate)
t = 5 years (time)

Plugging in the values, we get:

I = $4,862.33 * 0.0299 * 5
I = $720.31

Therefore, Jodi will earn a simple interest of $720.31.