Question

we invested 3500 and an account that pays simple interest of 5% each year how much interest is earned after 10 years

Answer 1

Step-by-step explanation

The question can be solved using the simple interest formula below;

`I=\frac{\text{PRT}}{100}`

Where P = principal, R= rate and T=time.

From the question, the principal is represented as 3500, the rate as 5% per annum, and the time as 10 years.

We can then substitute the above parameter into the simple interest formula.

`\begin{gathered} I=(3500*5*10)/(100) \\ I=35*5*10 \\ I=1750 \end{gathered}`

Answer: 1750