Question

Marsha Deposited $5,500 into a savings account 5 years ago. The simple interest rate is 2%. How much money did Marsha earn in interest?

Answer 1

550.00 answer is that

Answer 2

Answer: $550.00

Step-by-step explanation: Equation: I = Prt

Calculation:

First, converting R percent to r a decimal

r = R/100 = 2%/100 = 0.02 per year,

then, solving our equation

I = 5500 × 0.02 × 5 = 550

I = $ 550.00

The simple interest accumulated

on a principal of $ 5,500.00

at a rate of 2% per year

for 5 years is $ 550.00.

Hope this helped! ;)