Question

Drew put $5,200 in a savings account with a simpleinterest rate of 1.75%. How much interest will theamount earn after 15 years?

Answer 1

Given:

Principal, p=$5,200

Interest rate, r=1.75%

Years, t=15 years

To fnd the interest amount:

Using the simple interest formula,

`\begin{gathered} SI=(p* r* t)/(100) \\ =(5200*1.75*15)/(100) \\ =1365 \end{gathered}`

Hence, the answer is, $1,365.