Question

On a deposit of $50 at a simple interest rate of 9%, how much interest will you earn after 12 years?

Answer 1

Answer: $54.00

Explanation:

I = Prt

I is interest earned: unknown

P is the principal (amount you invested): 50

r is the rate: 9% = 0.09

t is the length of time: 12

I = 50(0.09)(12)

= 50(1.08)

= 54.00