Question

Henry invests $15258 in an account that pays 7.9% interest for 5 years. How much simple interest will her earn

Answer 1

$6026.91

Explanation:

The formula for computing simple interest is ...

I = Prt

where P is the principal invested, r is the annual interest rate, and t is the number of years. For the given information, the interest is ...

I = $15258·0.079·5 = $6026.91

Henry's account will ear $6026.91 in interest.