Question

How much money is earned if Phoenix invested $50 in an account at 17.5% simple interest for 6 years?

Answer 1

$52.50

Explanation:

Each year, they would make 17.5% of 50 or 0.175 * 50 = $8.75.

Since this happens for 6 years, that would be 8.75 * 6 = $52.50