Answer:
a. $4,950
b. The question is asking us to calculate the simple interest that would be earned on the deposited amount for the given number of years at the given interest rate
c. Simple interest
Explanation:
a. We want to calculate the amount of interest to be earned in six years
To calculate this, we use the formula for simple interest.
Mathematically;
Simple interest I = PRT/100
Where P is the principal which is the amount deposited = $15,000
R is the rate which is 5.5%
T is the time which is 6 years
Substituting these values in the simple interest formula, we have
I = (15,000 * 5.5 * 6)/100 = $4,950
b. The question is asking us to calculate the simple interest that would be earned on the deposited amount for the given number of years at the given interest rate
c. Simple interest