Question

Simple Annual Interest

Joel deposits $1,200.00 into a Money Market Savings Account at his local bank. The simple annual interest rate is 2.5%. How much interest will he earn after 15 years? Use formula provided below if
needed. Show work.


Formula for Simple Interest
I= Prt

I: amount of interest earned
P: Principal
r: interest rate (annual)
t: time (in years)

Answer 1

the the answer is 12 the answer is $1200 * 2.5% * 15 years